BTC, ETH extend recent declines on Saturday – Market Updates Bitcoin News
Bitcoin traded lower on Saturday as cryptocurrency prices continued to trade in the red following the latest US nonfarm payrolls (NFP) report. The token fell for the fourth consecutive day, moving closer to a key support point in the process. Ethereum was also in the red, hitting a five-day low in the process.
Bitcoin
Bearish sentiment remained in bitcoin (BTC) markets to start the weekend as they continued to digest the latest non-farm payrolls (NFP) report.
Following the better-than-expected jobs report, BTC/USD fell to an intraday low of $19,395.79 earlier in the day.
The move pushed the token close to a key support point at $19,200, and at the time of writing it is trading near six-day lows.
Looking at the chart, the 14-day relative strength index (RSI) has also fallen, also approaching a floor of 45.70.
Despite moving closer to this bottom, the 10-day (red) moving average has recently crossed its 25-day (blue) counterpart, which is typically a sign of bullish momentum.
Should BTC move to the $19,200 floor, there will likely be an influx of bulls looking to buy this dip, sending prices higher as a result.
Ethereum
Ethereum (ETH) was also down for its fourth consecutive day, with the token breaking out of a key support point in the process.
The world’s second-largest cryptocurrency fell to a low of $1,321.75 on Saturday, a day after hitting a high of $1,356.88.
As a result of today’s selloff, ETH/USD fell below the $1,330 support and is currently trading at its lowest point since October 3rd.
From the chart, it appears that the RSI is now marginally above its own floor of 42.00, with the price trading at $1,328 at the time of writing.
Unlike BTC, there has been no crossover of moving averages, but the trend lines seem to be approaching this point.
Overall, even with the current market turbulence, bulls still seem to be aiming for a breakout at the $1,400 level.
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