Bitcoin, Ethereum Technical Analysis: BTC Drops to 5-Day Low as Nonfarm Payrolls Are Marginally Lower

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Bitcoin fell to its lowest level this week, following Friday’s nonfarm payrolls report that came in slightly below expectations. 431,000 jobs were added to the U.S. economy versus forecasts for a 490,000 addition. ETH also reacted to the news, eventually dropping below $3,400. Bitcoin BTC Dropped For Third Consecutive Session Friday, As […]

Bitcoin fell to its lowest level this week, following Friday’s nonfarm payrolls report that came in slightly below expectations. 431,000 jobs were added to the U.S. economy versus forecasts for a 490,000 addition. ETH also reacted to the news, eventually dropping below $3,400.

Bitcoin

BTC fell for the third straight session on Friday as the world’s largest cryptocurrency plunged to its lowest level this week.

After yesterday’s high above $47,591.00, BTC/USD was trading at an intraday low of $44,403.14 during today’s session.

This is the lowest BTC since March 27 and comes days after a failed breach of the price ceiling of $48,080.

As expected earlier this week, the moves of the past few days are very similar to those of January 2, the last time prices were traded in this area.

Looking at the chart, the 14-day RSI has also fallen from Tuesday’s high of 70.55 and now stands at 60.08.

Should price strength continue to decline towards the 56.50 support, we could see BTC trading closer to $42,000 to close out the week.

Ethereum

While ETH was also lower in today’s session, it hasn’t fallen as much as BTC, which is down 3.18% at the time of writing.

ETH/USD is currently down 1.35%, after an intraday low of $3,223.89 during today’s session, which is also its lowest since March 27.

Today’s price drop follows a high of $3,441 during yesterday’s market session as prices traded above the $3,390 resistance.

This ceiling has now been firmly breached, with price strength also showing fragility, and the 14-day RSI is declining from recent highs.

At the time of writing, it was trailing 66.76, just days away from a peak of over 73 to start the week.

Similar to Bitcoin.com News’ BTC analysis earlier this week, some reversal was expected, but the length of this reversal is still up for debate.

Will BTC and ETH Continue to Trade Lower This Weekend? Leave your thoughts in the comments below.

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