Cryptocurrency prices were mostly flat on Wednesday following the release of the latest consumer price index (CPI) report, which showed inflation ticked higher in August. The news had little impact on crypto markets, with Bitcoin holding support above $26,000.
Stocks were mixed as investors look ahead to next week’s Federal Reserve meeting for clues on further interest rate hikes. There is now a 97% chance the Fed will pause rate hikes at their upcoming meeting, according to CME Group’s FedWatch tool.
Technical analysts say bitcoin remains in a choppy trading range, with bears still in control of the short-term trend. However, some see signs of a potential bullish reversal if bitcoin can break key resistance around $26,400.
Strategists advise capital preservation and caution in current market conditions, avoiding reckless trades. Sideways trading presents opportunities to “milk the range” by trading at support and resistance levels.
Meanwhile, a death cross has formed on Bitcoin’s chart after the 50-day moving average crossed below the 200-day MA, which could signal further downside if support at $25,000 breaks.
Altcoins were mixed but most major tokens traded within a narrow +/- 3% range. VeThor Token saw the largest gain, surging 57% after being added to oinbase">Coinbase. The overall crypto market cap stands around $1 trillion, with bitcoin dominance at 49%.
