Bitcoin consolidated for the third consecutive session and the market prepared for a big week of US economic data. Nonfarm payrolls will be released later this week, and Federal Reserve Chairman Jerome Powell will speak in the next few days. Ethereum also fell slightly to end the week.
Bitcoin (BTC) started the week with consolidation ahead of a week of important economic data from the US.
Following a day high of $22,497.00,BTC/USD fell to an intraday low of $22,331.31 earlier in the session.
As a result of this move, the world’s largest cryptocurrency sank closer to a recent support point in the $22,300 zone.
Overall, bitcoin fell as much as 5% in the last seven days due to the recent bearish sentiment.
In addition, the 10-day (red) and 25-day (blue) moving averages have crossed over downward, which could lead to further selling.
The 14-day Relative Strength Index (RSI) has been positive with a lower limit of 42.00.
Similar toBTC, Ethereum (ETH) remained volatile throughout Monday’s session with prices little changed.
ETH/USD fell a day after trading at a peak of $1,574.23, bottoming out at $1,557.36 at the end of the week.
The drop caused Ethereum to trade in the red for the fifth consecutive session and saw its market capitalization decline by 5% within that time frame.
The 10-day moving average (red) is also below the 25-day moving average (blue), and support at $1,560 is preventing further declines.
Additionally, the RSI has hit a floor of 44.00 and is at 44.28 at the time of writing, slightly above this indicator.
If this area eventually gives way,is likely; ETHcould drop below $1,500 this week.
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