Bitcoin consolidated for the third session in a row, as markets geared up for a big week of US economic data. Later this week, Non-Farm Payrolls will be released, and Federal Reserve Chairman Jerome Powell will also speak. in the coming days. Ethereum also fell marginally lower to start the week.
Bitcoin
bitcoin (BTC) began the week in consolidation, ahead of a key week of US economic data.
After a maximum 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 area.
Overall, the recent spike in bearish sentiment has caused Bitcoin to drop as much as 5% in the past seven-day period.
There has also been a crossover to the downside between the 10-day (red) and 25-day (blue) moving averages, which could be a sign of more selloffs to come.
One positive comes in the form of the 14-day RSI, which is currently above a bottom at the 42.00 mark.
Ethereal
Similar to BTCethereal (ETH) was mostly volatile during the session on Monday, as prices were 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 sees Ethereum trading in the red for the fifth session in a row, with its market capitalization down 5% within that period.
The 10-day moving average (red) has also moved below its 25-day counterpart (blue), with support at $1,560 preventing further declines.
Furthermore, the RSI has hit a bottom at 44.00 and at time of writing the index is slightly above this mark, reading 44.28.
If this area eventually gives way, there is a good chance that ETH it could drop below $1,500 this week.
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