Bitcoin traded below $28,000 again as markets consolidated ahead of Friday’s nonfarm payroll report. Jobless claims are expected to come in at 240,000 last month and the U.S. unemployment rate stands at 3.6%. Ethereum was lower again today after hitting an eight-month high on Wednesday.
Bitcoin
Bitcoin (BTC) traded below $28,000 again on Thursday as the market began preparing for tomorrow’s nonfarm payroll report.
BTC/USD fell to an intraday low of $27,831.56 in today’s session, less than 24 hours after trading as high as $28,714.22.
The move came as bitcoin bulls were unable to sustain a breakout of $28,500, a key resistance line.
The chart shows that this price drop occurred as the 14-day Relative Strength Index (RSI) fell below the lower limit of 58.00.
As of this writing, the index is hovering at 57.80 and the 10-day moving average (red) is about to intersect the 25-day moving average (blue) to the downside.
If sentiment remains bearish,likelyBTCwill bottom out at $27,000.
Ethereum
Etherium (ETH) is also lower in today’s session as prices fell from the previous day’s 8-month high.
Following Wednesday’s high of $1,924.47,ETH/USD fell to an intraday low of $1,859.00 earlier in the day.
As a result of this decline, Ethereum fell from its strongest point since August 17, when prices peaked at $1,957.
Like Bitcoin, today’s decline was due to the RSI hovering below its recent support point of 61.00.
Overall, it appears that the earlier bulls moved to take profits in the face of future market uncertainty.
At the time of this writing, Ethereum is trading at $1,871.63.
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