Bitcoin
The price of Bitcoin dropped below $26,000 before the release of the U.S. nonfarm payrolls report. BTC/USD reached a low of $25,752 after reaching a peak of $27,456. Despite a volatile week, Bitcoin closed in on a key price floor of $25,600.
- Bitcoin experienced a sell-off, leading to a price drop below $26,000.
- The 14-day relative strength index (RSI) failed to break through 53.00, causing previous bulls to secure profits and liquidate positions.
- Currently, the price strength is at 38.58, and the price has risen above $26,000 after the NFP report.
Ethereum
Ethereum (ETH) also saw a decline, falling below $1,700. After reaching a high of $1,720, ETH/USD dropped to $1,634. This caused Ethereum to briefly fall below the support level of $1,650.
- Similar to Bitcoin, Ethereum’s RSI failed to surpass a key resistance threshold.
- The RSI is currently at 38.05, after hitting a ceiling at 49.00.
- If momentum continues to decline, the next price target for Ethereum will be $1,600.
Hot Take
Bitcoin and Ethereum both experienced price drops as their RSIs failed to break key resistance thresholds. This led to selling pressure and a decline in prices. While Bitcoin has managed to recover slightly after the NFP report, Ethereum is still struggling. It remains to be seen how these cryptocurrencies will perform in the coming days.
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