Bitcoin and Ethereum Prices Plunge to Lowest Levels, Setting the Stage for Federal Reserve Rate Hike

By Benito Cormi Jul 7, 202385Views

Bitcoin

Bitcoin (BTC) took a hit today, dropping to its lowest point in a week. The upcoming nonfarm payrolls report has everyone on edge.

Payrolls are expected to be lower than the previous month.
A strong number could mean a rate hike from the Federal Reserve.
BTC/USD hit a low of $29,777.28, the lowest since last Friday.
The RSI dropped to 55.00, signaling a sell-off.
The 10-day moving average is now trending downward.

Ethereum

Ethereum (ETH) also took a dive, falling below the $1,900 mark for the first time in a while.

ETH/USD hit a low of $1,832.03, the lowest since the end of June.
But it has since rebounded to $1,862.52.
The RSI found support at 47.00 and is currently at 49.86.
Resistance is at 53.00, which could push ethereum to $1,890.

Hot Take

It’s been a rough day for both bitcoin and ethereum, but there’s hope for a rebound. Keep an eye on the nonfarm payrolls report and the Federal Reserve’s decision. Stay strong, hodlers!

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Benito Cormi

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

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