BTC Drops Below $28,000 As Markets Consolidate On Thursday – Market Updates Bitcoin News
Bitcoin once again traded below $28,000 as markets consolidated ahead of Friday’s nonfarm payrolls report. Payrolls are expected to come in at 240,000 for last month, with the US unemployment rate still at 3.6%. Ethereum was also lower today, following an eight-month high on Wednesday.
Bitcoin
Bitcoin (BTC) once again traded below $28,000 on Thursday as markets began to prepare for tomorrow’s non-farm payrolls report.
BTC/USD fell to an intraday low of $27,831.56 in today’s session, which comes less than 24 hours after trading at a high of $28,714.22.
The move came as bitcoin bulls failed to sustain a breakout of a key resistance level at $28,500.
Looking at the chart, this latest price drop came as the 14-day relative strength index (RSI) fell below a floor of 58.00.
At the time of writing, the index is now trading at 57.80, with the 10-day (red) moving average nearing a bearish cross with its 25-day (blue) counterpart.
Should sentiment remain bearish, there is a strong possibility that BTC will fall to a floor of $27,000.
Ethereum
Ethereum (ETH) was also lower in today’s session, as prices fell from eight-month highs the previous day.
After a high of $1,924.47 on Wednesday, ETH/USD fell to an intraday low of $1,859.00 earlier in the day.
As a result of this decline, ethereum has fallen from its strongest point since August 17, when the price peaked at $1,957.
Like bitcoin, today’s drop came as a result of the RSI hovering below a recent support point of 61.00.
Overall, previous bulls appear to have moved to take profits, ahead of the upcoming uncertainty in the market.
At the time of writing, Ethereum is trading at $1,871.63.
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