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 also fell on the news, hitting a six-week low.
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.
Despite slipping to a more than two-month low, there could be more declines ahead, as prices appear to be moving toward a floor of $34,050.
Looking at the chart, this latest fall in prices has pushed the RSI towards a one-month low of 35.50, which is a point that has acted as a floor in the past.
Should this support fail to hold firm, then we will likely see that floor of $34,050 hit in the next few days.
Ethereum
ETH was also submerged by the latest red wave in crypto markets, as prices moved towards a six-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.
As prices dropped, relative strength also gave way, with the 14-day RSI slipping below its own floor of 42.80.
Should this floor also fall apart, then we could see even more lows in ETH, with bears already targeting a $2,500 support point.
Overall, since the start of April, ETH/USD has moved from a peak of $3,560, to now trading almost $1,000 lower.
Will we see ETH continue to fall as we head into the weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Comments (No)