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As markets were ready for a significant week of economic events in the United States, Bitcoin started the week off trading in the negative. The Federal Reserve is anticipated to raise interest rates on Wednesday by 25 basis points, with the announcement of the April nonfarm payrolls scheduled for this coming Friday. Today’s session saw a decline in Ethereum as well.
Bitcoin
As markets stabilised ahead of a critical week of economic events, Bitcoin (BTC) continued to trade lower on Monday.
Earlier today, BTC/USD fell to an intraday low of $28,360.50 after reaching a high of $29,952.03 on Sunday.
During this move, bitcoin briefly dipped below a crucial support level at $28,500, reaching its lowest level since April 27.
Overall, the price of Bitcoin is still almost 4% higher than it was at the same time last week when it was almost $27,000.
The relative strength index (RSI) has decreased to a floor of its own at 50.00 as a result of today’s sell-off.
BTC has recovered from its previous low and is now tracking at $28,591.66, while the index is presently at 50.09.
Ethereum
Along with BTC, ethereum (ETH) also experienced losses as prices fell for a second straight session.
Less than 24 hours after trading at a high of $1,938.42, ETH/USD hit a low of $1,829.41 earlier in the day.
Like BTC, ethereum’s slippage today brought it below its own level of support at $1,830.
Since then, ETH has risen from this floor as bulls decided to purchase the dip rather than keep existing holdings.
The RSI here also collided with a support zone at 45.00, and it is still tracking past this point, which was helpful.
Bulls are probably going to aim for reentry above $1,900 in the next few days.
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