BTC falls below $28,000 as markets consolidate on Thursday – Bitcoin News Market Updates

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Bitcoin was once again trading below $28,000 as markets consolidated ahead of Friday’s nonfarm payrolls report. Payrolls are expected to reach 240,000 for the past month, with the unemployment rate in the United States remaining at 3.6%. Ethereum was also down today, after hitting an eight-month high on Wednesday.

Bitcoin

Bitcoin (BTC) was trading below $28,000 again on Thursday as markets began to prepare for tomorrow’s nonfarm payrolls report.

BTC/USD fell to an intraday low of $27,831.56 during today’s session, which comes less than 24 hours after hitting 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.

BTC/USD – Daily Chart

Looking at the chart, this latest price drop came as the 14-day Relative Strength Index (RSI) fell below a low of 58.00.

As of this writing, the index now sits at 57.80, with the 10-day moving average (red) approaching a downside cross with its 25-day counterpart (blue).

If the sentiment remains 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 fell from an eight-month high the previous day.

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

Following this decline, Ethereum fell from its strongest point since August 17, when the price hit a high of $1,957.

ETH/USD – Daily Chart

Similar to bitcoin, today’s decline is due to the RSI hovering below a recent support point at 61.00.

All in all, it looks like the previous bulls moved to take profits, ahead of the upcoming uncertainty in the market.

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

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Could Ethereum surpass $2,000 in April? Leave your thoughts in the comments below.

Elie Dambell

Eliman was previously a director of a London-based brokerage, while also being an online trading educator. Currently, he is a commentator on various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

Image credits: Shutterstock, Pixabay, Wiki Commons

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