Bitcoin fell to its lowest level in over two months as Friday’s Nonfarm Payrolls report showed a gain of 428,000. Last month’s payrolls were expected to show an increase of 391,000 jobs – down from March’s 431,000 figure. ETH also fell on the news, hitting a six-week low.
Bitcoin fell nearly 10% in today’s session as traders continue to react to the Federal Reserve’s recent rate hike moves.
Today’s decline, which saw BTC/USD prices hit an intraday low of $35,714.30, also comes as markets braced for the latest non-farm payrolls report.
Friday’s decline sends bitcoin slumping for the second consecutive month, with prices now trading at their lowest levels since Feb. 24.
Despite slipping to more than 2-month lows, more declines could be imminent as prices appear to be heading towards a bottom of $34,050.
Looking at the chart, this recent decline has pushed the RSI to a monthly low of 35.50, a point that has served as a bottom in the past.
If this support does not hold, we will likely see that floor of $34,050 reached in the next few days.
ETH has also been swamped by the recent red wave in the crypto markets as prices moved to a six-week low.
The world’s second-largest cryptocurrency fell to an intraday low of $2,668.60, its lowest level since March 16.
Today’s low brought prices close to the long-term support level of $2,660 after breaking above a higher price floor of $2,780.
As prices fell, so did relative strength and the 14-day RSI slipped below its own floor of 42.80.
If this bottom also falls apart, we could see more lows in ETH, with bears already targeting a $2,500 support point.
Overall, ETH/USD has moved from a high of $3,560 since early April and is now trading almost $1,000 lower.
Will we see ETH fall further as we head into the weekend? Leave your thoughts in the comments below.
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