BTC Under $20,000 as ETH Drops Below $1,400 on Friday – Market Updates Bitcoin News
Bitcoin fell below the $20,000 level for the first time since January as markets continued to react to the liquidation of Silvergate Bank. This comes ahead of a key US non-farm payrolls report, which could determine how aggressive the Federal Reserve acts in its upcoming meeting. Ethereum moved below $1,400 in today’s session.
Bitcoin
Bitcoin (BTC) fell for a fifth straight session on Thursday as markets continued to react to the Silvergate Bank liquidation.
The bank confirmed it will wind down its operations, prompting US Senator Elizabeth Warren to blame crypto as a whole.
As such, less than 24 hours after hitting $21,796.12, BTC/USD fell to an intraday low of $19,669.92 earlier today.
The fall in price pushed bitcoin to its weakest point since January 13, when it hit a low of $18,714.
Another catalyst for the sell-off was the 14-day relative strength index (RSI), which fell below a key floor at the 32:00 mark.
At the time of writing, the index is trailing 26.11, which is deep in oversold territory, and the lowest reading in price strength since November 9.
Ethereum
Ethereum (ETH) was also significantly lower in Friday’s session, with market volatility also higher due to the afternoon non-farm payrolls report.
It is expected that 205,000 jobs were added to the US economy last month, down from January’s total of 517,000.
The decline could act as an overall positive, as the Federal Reserve may raise interest rates less aggressively depending on the outcome.
ETH/USD fell to a low of $1,378.53 earlier in the session, which comes a day after trading at a high of $1,543.69.
Overall, ETH is now down nearly 10% over the past week, with today’s decline sending the price to its weakest point since mid-January.
The RSI is now tracking at 28.30 as a result of this sell-off, which is the weakest point since last June.
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