BTC Extends Declines, As Markets Continue To React To Non-Farm Payrolls – Market Updates Bitcoin News
Bitcoin fell below $28,000 to start the week, as markets continued to react to last Friday’s US nonfarm payrolls (NFP) report. The payroll report came in at 250,000 against expectations of 180,000 jobs. Ethereum was also lower, as prices fell back below $1,900.
Bitcoin
Bitcoin (BTC) edged lower to start the week, as cryptocurrency markets continued to react to the latest non-farm payrolls report.
The number of jobs added to the US economy came in higher than expected, and in the eyes of many, justified the Federal Reserve’s decision to raise 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 high of $29,119.38 the previous day.
Overall, BTC has now fallen for a third session in a row, with this latest drop sending prices to one-week lows.
One of the catalysts for the decline was a breakout that 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 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.
After a high of $1,934.00 on Sunday, ETH/USD fell by nearly $100, hitting a low of $1,839.89 earlier in the day.
Like bitcoin, today’s decline saw the world’s second largest cryptocurrency fall for the third day in a row.
From the chart, it appears that ethereum bears are now trying to take the RSI to its own support point at 45.00.
Currently, the index is at the 47.02 level, having recently moved below a higher support point of 49.00.
Should price strength reach the 45.00 target, there is a possibility that ETH will trade below $1,800.
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