Bitcoin fell to its lowest level in over two months, as Friday’s non-farm payrolls report showed an addition of 428,000. It was expected that last month’s payrolls would show an increase of 391,000 jobs — lower than March’s figure of 431,000. ETH fell by six weeks on the news.
Bitcoin
Bitcoin fell by nearly 10% in today’s session, as traders continue to react to recent action by the Federal Reserve to hike interest rates.
Today’s drop, which sees prices of BTC/USD hit an intraday low of $35,714.30, also comes as markets were preparing for the latest non-farm payrolls report.
Friday’s drop sees bitcoin slip for a second consecutive session, with prices now trading at their lowest level since February 24.
Even though prices have fallen to an almost two-month low in the last month, it is possible that there will be further declines as they move towards $34,050.
The chart shows that the RSI has fallen to a 1-month low at 35.50. This is a level which has been used as a floor previously..
If the support is not sustained, it will be possible that the floor of $34,050 is reached in the following days.
Ethereum
ETH also got submerged in the crypto market’s latest red wave, which saw prices move towards a 6-week low.
The world’s second-largest cryptocurrency fell to an intraday low of $2,668.60, which is its lowest level since March 16.
Today’s low took prices close to the long-term support level of $2,660, after breaking out of a higher price floor of $2,780.
Prices fell, and relative strength followed, with the 14 day RSI falling below its floor at 42.80.
If this floor falls apart, we may see more drops in ETH. Bears are already targeting a $2,500 support level.
Overall, the ETH/USD price has fallen from $3,560 to trade almost $1,000 below its April peak.
As we enter the weekend, will we continue to see ETH fall? Comment below to share your views.
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