Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, as Markets Consolidate on Thursday

Share This Post

Bitcoin was once again trading below $28,000, as markets consolidated ahead of Friday’s non-farm payrolls report. Payrolls are expected to come in at 240,000 for last month, with the unemployment rate in the U.S. remaining at 3.6%. Ethereum was also lower today, following an eight-month high on Wednesday.

Bitcoin

Bitcoin (BTC) was once again trading under $28,000 on Thursday, as markets began to prepare for tomorrow’s non-farm payrolls report.

BTC/USD dropped to an intraday low of $27,831.56 in today’s session, which comes less than 24 hours after trading at a high of $28,714.22.

The move came as bitcoin bulls were unable to sustain a breakout of a key resistance level of $28,500.

Looking at the chart, this latest drop in price came as the 14-day relative strength index (RSI) dropped below a floor of 58.00.

As of writing this, the index is now tracking at 57.80, with the 10-day (red) moving average nearing a downwards cross with its 25-day (blue) counterpart.

Should sentiment remain bearish, there is a strong possibility that BTC will fall to a floor at $27,000.

Ethereum

Ethereum (ETH) was also lower in today’s session, as prices slipped from an eight-month high the day prior.

Following a high of $1,924.47 on Wednesday, ETH/USD dropped to an intraday low of $1,859.00 earlier in the day.

As a result of this decline, ethereum has fallen from its strongest point since Aug. 17, when the price hit a peak of $1,957.

Similar to bitcoin, today’s drop came as a result of the the RSI hovering below a recent support point at 61.00.

Overall, it appears that earlier bulls have moved to take profits, ahead of the upcoming uncertainty in the market.

At the time of writing, ethereum is trading at $1,871.63.

Register your email here to get weekly price analysis updates sent to your inbox:

Could ethereum move above $2,000 in April? Leave your thoughts in the comments below.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Metaplanet Stock Debuts on OTCQX: A New Era for Bitcoin Strategy in the U.S.

The post Metaplanet Stock Debuts on OTCQX: A New Era for Bitcoin Strategy in the US appeared first on Coinpedia Fintech News Metaplanet Inc (Tokyo: 3350), a Japanese company that has earned a huge

Magic Eden And PONKE Holders Count Their Losses And Exit To Buy New $0.04 PropFi Altcoin For Stable Gains

The post Magic Eden And PONKE Holders Count Their Losses And Exit To Buy New $004 PropFi Altcoin For Stable Gains appeared first on Coinpedia Fintech News Are you ready to capitalize on an

Dogecoin Sentiment Drops Into Negative Once Again, Is It Time To Buy Or Sell?

According to new reports, Dogecoin’s market sentiment has plummeted significantly, turning negative once again as its price consolidates This bearish trend raises the question of whether it is time

Secret Bitcoin Driver: Exchanges Receiving $40 Million USDT Fuel Per Day

On-chain data shows a massive amount of the stablecoin USDT has been moving to exchanges recently, potentially acting as fuel for the Bitcoin and wider cryptocurrency rally USDT Exchange Inflows Have

3 Coins Ending the Year Strong and Ready for Even Bigger Moves in 2025

The post 3 Coins Ending the Year Strong and Ready for Even Bigger Moves in 2025 appeared first on Coinpedia Fintech News As the crypto market closes its books on 2024, a wave of optimism is sweeping

3 Coins Ending the Year Strong and Ready for Even Bigger Moves in 2025

The post 3 Coins Ending the Year Strong and Ready for Even Bigger Moves in 2025 appeared first on Coinpedia Fintech News As the crypto market closes its books on 2024, a wave of optimism is sweeping