Both Bitcoin and Ethereum or down on the day ahead of tomorrow’s release of the U.S. consumer price index for July. Bitcoin had effectively a false breakout yesterday from a compression triangle that dates back to mid-June.
After a huge boost in the value of Ether, (Ethereum’s native) last month gaining over 50%, traders who are up on their long Ethereum trades might be asking themselves if now is a good time to pull their profits.
Over the last few weeks, we have been hesitant to label the low at $17,585 reached on June 18th as the bottom for Bitcoin’s price. We did however conclude that all the criteria for a BTC bottom had been met.
Bitcoin and ETH gained ground on the first day of the Federal Reserve’s FOMC meeting. The meeting will conclude on Wednesday when a second consecutive rate hike of 75 basis points is expected to be announced. This will likely drag down the prices of a lot of things including cryptocurrencies.