Bitcoin fell to its lowest level in two months, as Friday’s non-farm payrolls report increased by 428,000. It was expected that last month’s payrolls would increase by 391,000 jobs – down from March’s figure of 431,000. ETH also hit the news by hitting a six-week low.
Bitcoin
Bitcoin fell nearly 10% in today’s session, as traders continued to react to the recent action by the Federal Reserve to hike interest rates.
Today’s drop, which sees BTC/USD prices hitting an intraday low of $35,714.30, also comes as markets prepare for the latest Non-Farm Payrolls report.
Friday’s drop slips bitcoin for a second straight session, with prices now trading at their lowest level since February 24.
Despite the fall to the more than two-month low, further downside is likely as the price continues its upward move towards the $34,050 low.
Looking at the chart, this latest price drop has pushed the RSI towards a one-month low of 35.50, a point that has acted as a floor in the past.,
If this support does not hold, we will see that level of $34,050 hit in the next few days.
Ethereum
ETH was also sunk by the latest red wave in the crypto markets, as prices hit a six-week low.
The world’s second largest cryptocurrency fell to an intraday low of $2,668.60, its lowest level since March 16.
Today’s lows took the price closer to the long-term support level of $2,660 after breaking the $2,780 high.
Relative strength gave way as the price declined, with the 14-day RSI slipping below its floor of 42.80.
If this floor falls as well, we could see further downside in ETH, with the bears already targeting the $2,500 support point.
Overall, since the beginning of April, ETH/USD has risen from a peak of $3,560 to a low of about $1,000 now.
Will we see ETH continue to decline as we move forward over the weekend? Give your thoughts in the comment below.
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