Bitcoin
Bitcoin (BTC) is consolidating around the $29,000 level as traders prepare for the U.S. nonfarm payrolls report. The cryptocurrency reached an intraday high of $29,375.71 but has since declined and is now trading at $29,145.77. The relative strength index (RSI) fell back towards a support point of 42.00, indicating weakening price strength. However, there is still hope that bulls could reenter the market, with the $29,500 level as the initial target.
Ethereum
Ethereum (ETH) has experienced a third consecutive day of decline and is trading below a key support level. After reaching a high of $1,856.41, ETH/USD dropped to $1,828.88. The decline caused ethereum to fall below the $1,850 support point, with sellers attempting to push the price under $1,800. The RSI has also dipped, falling below the 45.00 level for the first time in over a month. The current reading is 42.16, indicating a mostly bearish sentiment.
Hot Take
The consolidation of Bitcoin and the decline of Ethereum indicate a cautious market sentiment. Traders are closely monitoring the upcoming nonfarm payrolls report as it could potentially impact the direction of both cryptocurrencies. The support levels for both Bitcoin and Ethereum will be crucial in determining whether bulls can regain control or if further decline is imminent.
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