BTC and ETH Extend Recent Declines on Saturday – Market Updates – Bitcoin News

Bitcoin was trading lower on Saturday as crypto prices continued to trade in the red following the latest US Non-Farm Payrolls (NFP) report. The token fell for the fourth day in a row, approaching a key support point. in the process. Ethereum was also in the red, hitting a five-day low in the process.

Bitcoin

Bearish sentiment remained in the bitcoin (BTC) markets to kick off the weekend as they continued to digest the latest Non-Farm Payrolls (NFP) report.

Following the better-than-expected employment report, BTC/USD fell to an intraday low of $19,395.79 earlier in the day.

The move pushed the token close to a key support point of $19,200 and, at time of writing, it is trading near a six-day low.

BTC/USD – Daily Chart

Looking at the chart, the 14-day Relative Strength Index (RSI) has also dropped and is also approaching a bottom of 45.70.

Despite approaching this bottom, the 10-day moving average (red) has recently crossed over its 25-day counterpart (blue), which is usually a sign of bullish momentum.

If BTC moves to its $19,200 floor, there is likely to be an influx of bulls looking to buy this dip, driving prices higher as a result.

Ethereal

Ethereum (ETH) also fell for the fourth day in a row, with the token breaking out of a key support point in the process.

The world’s second-largest cryptocurrency fell to a low of $1,321.75 on Saturday, a day after hitting a high of $1,356.88.

As a result of today’s sell-off, ETH/USD fell below its support at $1,330 and is currently trading at its lowest point since Oct. 3.

ETH/USD – Daily Chart

From the chart, it appears that the RSI is now marginally above its own floor at 42.00, with the price trading at $1,328 at the time of writing.

Unlike BTC, there have not been any moving average crossovers, however, the trend lines seem to be getting closer at this point.

Overall, even with the current market turmoil, it looks like the bulls are still targeting a breakout of the $1400 level.

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Could ethereum bulls be back in action this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having previously been a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




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