BTC, ETH Below $20,000 and $1,600 respectively on Saturday – Market Updates Bitcoin News
After a brief rally above $20,000 and $1,600 respectively, bitcoin and ethereum fell below those levels to start the weekend. The decline comes as momentum surrounding yesterday’s nonfarm payrolls report faded. Bitcoin moved closer to its $20,500 support point, while ethereum traded near the $1,550 floor.
Bitcoin
Bitcoin (BTC) was back below $20,000 to start the weekend, as prices of the token moved closer to a key support point.
The initial bullish momentum after last month’s payrolls has apparently faded, with markets bracing for an economic slowdown.
Although Friday’s figure of 315,000 jobs was better than expected, this was lower than July’s figure of 528,000.
As a result, BTC/USD fell to a low of $19,779.55 on Saturday, less than 24 hours after trading at a high of $20,401.57.
Looking at the chart, bitcoin is now on course to collide with the $19,500 price floor, which has not been breached since July 16.
However, should the relative strength index (RSI) currently at 35.77 fall to its own floor of 33.95, then this breakout is likely to occur.
Ethereum
In addition to BTC, ethereum (ETH) was also lower during Saturday’s session, as the token once again fell below $1,600.
After a high of $1,643.18 on Friday, ETH/USD fell by around $100, hitting a low of $1,542.30.
This drop sees ethereum briefly break out of its own support at $1,550 to start the weekend, as bearish sentiment in crypto returned.
Earlier declines have now slowed, as profit-takers chose to exit their positions as opposed to keeping trades open.
Although prices have since risen above the previous floor, some fear that further declines are in store.
Bears are likely looking towards a floor of $1,420 as a possible target, if market volatility remains to the downside.
Register your email here to get weekly price analysis updates delivered to your inbox:
Could we see ethereum reach $1420 this weekend? Leave your thoughts in the comments below.
Image credit: 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 an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
