BTC, ETH Below $20,000 and $1,600 Respectively, on Saturday – Market Updates Bitcoin News

Bitcoin and ethereum dropped below $1,600 after a quick rally to above $20,000, and $1,600, respectively. The decline comes as momentum surrounding yesterday’s nonfarm payrolls report faded. Bitcoin was close to $20,500 support, while ethereum traded at $1,550 floor.


Bitcoin (BTC). Bitcoin prices were back under $20,000 for the weekend as the price of the token moved closer towards a critical support level.

Initial bullish momentum following last month’s payrolls has seemingly faded, with markets gearing up an economic downturn.

Although Friday’s figure of 315,000 jobs was better than expected, this was lower than July’s number of 528,000.

BTC/USD – Daily Chart

BTC/USD dropped to $19 779 95 on Saturday as a consequence. It was just 24 hours after reaching a record high of $20 405 5.57.

Looking at the chart, bitcoin is now on the cusp of colliding with its price floor of $19,500, which hasn’t been broken since July 16.

However, if relative strength index (RSI) drops to its floor at 33.95 then this breakout is likely.


In addition to BTC, ethereum (ETH) was also lower during Saturday’s session, as the token once again fell below $1,600.

Following Friday’s high of $1633.18, the price of ETH/USD dropped by $100 and reached a record low of $1542.30.

The drop in ethereum saw it briefly rise from $1,550 support to begin the weekend as crypto bearish sentiments returned.

ETH/USD – Daily Chart

Profit takers chose to exit their trades rather than keep them open, and earlier declines are now less severe.

Although the prices are now higher than their earlier level, some fear further falls.

Should volatility continue to favor the downside, bears may be looking at a floor of $1420 as an option.

Register here and get price analysis alerts sent directly to your inbox every week.

Is it possible that ethereum could hit $1,420 next weekend? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator in Crypto, Stocks, and FX.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine