Bitcoin, Ethereum Technical Analysis: BTC Extends Declines, as Markets Continue to React to Nonfarm Payrolls

Bitcoin, Ethereum Technical Analysis: BTC Extends Declines, as Markets Continue to React to Nonfarm Payrolls Bitcoin, Ethereum Technical Analysis: BTC Extends Declines, as Markets Continue to React to Nonfarm Payrolls  0

Bitcoin fell below $28,000 to start the week, as markets continued to react to last Friday’s United States nonfarm payrolls (NFP) report. The payrolls report came in at 250,000 versus expectations of 180,000 jobs. Ethereum was also lower, as prices fell back below $1,900.

Bitcoin

Bitcoin (BTC) moved lower to start the week, as cryptocurrency markets continued to react to the latest nonfarm payrolls report.

The number of jobs added to the U.S. economy came in higher than expected, in many’s eyes justifying the Federal Reserve’s decision to hike interest rates by 0.25%.

As a result, BTC/USD fell to an intraday low of $27,691.26 earlier in today’s session, following a peak of $29,119.38 the day prior.

Bitcoin chart by TradingView

Overall, BTC has now fallen for a third straight session, with this latest drop sending prices to a one-week low.

One of the catalysts for the decline was a breakout which took place on the relative strength index (RSI), which fell below a floor at 47.00.

At the time of writing, the index is tracking at 44.32, with a floor of 42.00 a potential target for bears.

Ethereum

In addition to BTC, ethereum (ETH) was also in the red on Monday, with prices plunging below $1,900.

Following a high of $1,934.00 on Sunday, ETH/USD dropped by almost $100, hitting a low of $1,839.89 earlier in the day.

Similar to bitcoin, today’s decline saw the world’s second largest cryptocurrency fall for its third consecutive day.

Ethereum chart by TradingView

From the chart, it appears that ethereum bears are now attempting to take the RSI to its own point of support at 45.00.

Currently, the index is at the 47.02 level, having recently moved below a higher support point at 49.00.

Should price strength hit the target of 45.00, there is a possibility that ETH will be trading under $1,800.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum, NFP

Do you expect further drops in ethereum this week? Leave your thoughts in the comments below.

Bitcoin, Ethereum Technical Analysis: BTC Extends Declines, as Markets Continue to React to Nonfarm Payrolls  1 Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Updated: 05/08/2023 — 10:00

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