Bitcoin
Bitcoin (BTC) fell below the $29,000 level on Saturday. The decline followed the release of the latest nonfarm payrolls report and marked the first time since Tuesday that BTC had dropped below $29,000.
- BTC/USD reached a high of $29,302.08 on Friday before slipping to a bottom of $28,885.34.
- The relative strength index (RSI) moved to a support level at 42.00, indicating downward momentum.
- However, BTC has since consolidated and is currently trading above the day’s low at $29,022.59.
Ethereum
Ethereum (ETH) remained above the $1,800 level despite increasing bearish sentiment on Saturday.
- ETH/USD dropped to a bottom of $1,817.41, nearing the weakest point since June 21 at $1,812.
- The price strength moved below a key support point at 43.00, currently tracking at 41.57.
Overall, Bitcoin experienced a decline below $29,000 while Ethereum remained above $1,800. Both cryptocurrencies are facing bearish sentiment, but have also shown signs of consolidation.
Hot Take
The recent price movements of Bitcoin and Ethereum reflect the volatility in the cryptocurrency market. Traders and investors should closely monitor the support levels and the relative strength index to gauge the market sentiment and potential price movements. It remains uncertain whether BTC and ETH will continue their downward trend or experience a rebound in the near future.
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