Bitcoin was once again trading below $28,000 as markets consolidated ahead of Friday’s Non-Farm Payrolls report. Payrolls are expected to hit 240,000 for last month, with the US unemployment rate holding at 3.6%. Ethereum was also lower today, following an eight-month high on Wednesday.
Bitcoin
bitcoin (BTC) was once again trading below $28,000 on Thursday as markets began to prepare for tomorrow’s non-farm payrolls report.
BTC/USD fell to an intraday low of $27,831.56 in today’s session, which comes less than 24 hours after trading at a high of $28,714.22.
The move came as bitcoin bulls were unable to sustain a breakout of a key $28,500 resistance level.
Looking at the chart, this latest drop in price came as the 14-day RSI dipped below a 58.00 floor.
As of this writing, the index now sits at 57.80, with the 10-day moving average (red) approaching a downside crossover with its 25-day counterpart (blue).
If sentiment remains bearish, there is a strong possibility that BTC it will fall to a floor at $27,000.
Ethereal
ethereal (ETH) was also lower in today’s session, as prices fell from an eight-month high the day before.
After a high of $1,924.47 on Wednesday, ETH/USD fell to an intraday low of $1,859.00 earlier in the day.
As a result of this drop, Ethereum has fallen from its strongest point since August 17, when the price peaked at $1,957.
Similar to bitcoin, today’s drop came as a result of the RSI breaking below a recent support point at 61.00.
Overall, it appears that previous bulls have moved in to take profits ahead of the next uncertainty in the market.
At the time of writing, Ethereum is trading at $1,871.63.
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