Bitcoin fell to its lowest level this week, following Friday’s nonfarm payrolls report, which came in marginally below expectations. The U.S. added 431,000 jobs to its economy, compared with the forecasts of an additional 490,000. The news was also received positively by ETH, which finally moved below $3,400.
Bitcoin
BTC fell for the third consecutive session on Friday, as the world’s largest cryptocurrency dropped to its lowest level this week.
Following a high above $47,591.00 yesterday, BTC/USD traded at an intraday low of $44,403.14 during today’s session.
This is the lowest BTC reached since March 27, just days after an unsuccessful breakout of the $48,080 ceiling.
The last few days’ movements bear strong similarities to the January 2nd, which marked the end of this trading period.
Looking at the chart, the 14-day RSI has also dropped from Tuesday’s high of 70.55, and now sits at 60.08.
If the price of bitcoin continues to decline towards 56.50 support, it could trade closer to $42,000 by week’s end.
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Ethereum
Although ETH was also lower in today’s session, it hasn’t fallen by as much as BTC, which as of writing is down 3.18%.
ETH/USD is currently down 1.35%, following an intraday low of $3,223.89 during today’s session, which is also the lowest since March 27.
Today’s drop in price follows up from a peak of $3,441 during yesterday’s market session, as prices traded above resistance of $3,390.
This ceiling was broken now, as price strength is also showing weakness and the 14 day RSI dipping from recent highs.
At the time of writing it was at 66.76. This is just days away from its peak of over 72 to begin the week.
Similar to Bitcoin.com News’ BTC analysis earlier this week, a reversal was somewhat expected, however the length of this turnaround is still up for debate.
Are BTC and ETH likely to continue trading lower over the weekend? Comment below to share your views.
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