Volatility in BTC, ETH Remains High to Start Week – Market Updates Bitcoin News
Bitcoin consolidated for a third straight session as markets braced for a big week of US economic data. Later this week, non-farm payrolls will be released, with Federal Reserve Chairman Jerome Powell also speaking in the coming days. Ethereum also fell marginally lower to start the week.
Bitcoin
Bitcoin (BTC) started the week in consolidation, ahead of a key week of economic data from the US.
After a high of $22,497.00 on Sunday, BTC/USD fell to an intraday low of $22,331.31 earlier in the session.
As a result of the move, the world’s largest cryptocurrency sank closer to a recent support point in the $22,300 zone.
Overall, the recent surge in bearish sentiment has sent bitcoin down as much as 5% over the past seven-day period.
A downward crossover between the 10-day (red) and 25-day (blue) moving averages has also occurred, which could be a sign of further selling to come.
A positive comes in the form of the 14-day relative strength index (RSI), which is currently tracking above a floor of 42.00.
Ethereum
Like BTC, ethereum (ETH) remained largely volatile during Monday’s session as prices remained largely unchanged.
ETH/USD bottomed out at the $1,557.36 mark to start the week, a day after trading at a high of $1,574.23.
This drop sends ethereum trading into the red for a fifth session in a row, with its market cap down 5% during this period.
The 10-day (red) moving average has also moved below its 25-day (blue) counterpart, with support at $1,560 preventing further declines.
In addition, the RSI has collided with a floor of 44.00, and at the time of writing, the index is slightly above this mark, with a reading of 44.28.
Should this area eventually give way, there is a good chance that ETH could fall below $1,500 this week.
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