Bitcoin moved towards $31,000 on Wednesday, ahead of June’s inflation report from the United States. Consumer prices are expected to fall to 3.1%, down from May’s reading of 4.0%. Ethereum also edged higher, as the cryptocurrency closed in on the $1,900 mark.

Bitcoin

Bitcoin (BTC) neared $31,000 in today’s session, as traders were optimistic ahead of upcoming inflation data from the United States.

Following a low of $30,358.10 on Tuesday, BTC/USD jumped to an intraday high of $30,831.81 earlier in the day.

Today’s move resulted in the world’s largest cryptocurrency breaking out of a key resistance level of $30,800.

Bitcoin chart by TradingView

Price has since fallen below this point, as the relative strength index (RSI) neared a ceiling at 62.00.

The index is now hovering at 61.98, with bulls hoping that there will be a breakout following the release of the consumer price index (CPI).

Should this occur, the price target will likely be at a resistance of $31,400.

Ethereum

Ethereum (ETH) also edged higher on hump-day, with the price once again closing in on the $1,900 zone.

So far today, ETH/USD peaked at $1,895.08, which was nearly 2% higher than Tuesday’s low at $1,863.22.

Unlike bitcoin, ethereum’s 14-day RSI has moved beyond its own ceiling of 52.00, and as of writing is tracking at 53.42.

Ethereum chart by TradingView

This comes despite the 10-day (red) moving average (MA) being on the cusp of a downward crossover with the blue 25-day MA.

A crossover of this kind will likely be a bearish signal, and could prompt traders to abandon previous long positions.

Register your email here to get weekly price analysis updates sent to your inbox:

Will inflation fall lower than expected? Leave your thoughts in the comments below.

Market Updates, Analysis, Bitcoin, BTC, consumer price index, CPI, ETH, Ethereum, inflationRead More

You might also be interested in reading First Mover Americas: Bitcoin’s on a Tear, Up 30% in 2 Weeks.