Bitcoin and Ethereum entered the weekend below these levels after brief gains above $20,000 and $1,600 respectively. The declines were the result of yesterday’s weakening momentum surrounding the nonfarm payrolls report. Bitcoin was trading near its support point of $20,500, while Ethereum was trading near its floor of $1,550.
Bitcoin
Bitcoin (BTC) was again below $20,000 to start the weekend as the token’s price approached a key support point.
The initial bullish momentum after last month’s payrolls has seemingly faded as the market prepares for a recession.
Friday’s 315,000 jobs figure exceeded expectations but was still below July’s 528,000.
BTC
As a result,BTC/USD traded at a peak of $20,401.57, then within 24 hours, Saturday’s $19,779.55 It fell to a low of $19,779.55.
The chart shows that bitcoin is now on the verge of colliding with the $19,500 price bottom, which has not been broken since July 16.
{But this breakout will likely occur if the Relative Strength Index (RSI), which is currently at 35.77, drops to its own lower limit of 33.95.
Ethereum
plus BTCplus 51} ETH) also dropped in Saturday’s session as the token fell below $1,600 again.
After hitting a high of $1,643.18 on Friday,ETH/USD fell about $100 to bottom at $1,542.30.
This decline sees Ethereum temporarily break out of its own support at $1,550 to start the weekend as bearish sentiment in the crypto returned.
The earlier decline has now eased as profit-takers chose to abandon their positions rather than continue trading.
Prices have since risen above their previous lows, but some are concerned about further declines.
If market volatility is to the downside, the bears could target the $1420 lower bound.
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