At the start of the week, the cryptocurrency markets entered a consolidation phase, with bitcoin trading below the $27,000 mark in today’s session. Notably, there has been increased volatility in the past few days, potentially influenced by the United States unemployment rate surging to a multi-month high.

Bitcoin

On Monday, Bitcoin (BTC) was observed trading below the $27,000 mark, as volatility in the cryptocurrency market continued to be significant at the beginning of the week.

After reaching a peak of $27,407.02 on Sunday, the BTC/USD pair experienced a decline, hitting an intraday low of $26,712.73 during today’s session.

As a result of the move, the relative strength index (RSI) fell below a recent support point at the 47.00 level.

The index is now tracking at 44.43, which is marginally above an upcoming floor at the 43.00 mark.

If bears retreat to this point, BTC is likely to encounter a solid support level of $26,300, forming a distinct floor for the cryptocurrency.

Despite the current situation, bullish sentiment remains as some investors hold onto optimism. They perceive the recent upward cross of moving averages as a potential indication of an upcoming shift in momentum.

Ethereum

Ethereum (ETH) also suffered from the day’s volatility, with prices again moving below $1,900.

At the beginning of the week, the ETH/USD pair dropped, hitting a bottom of $1,864.17. This came right after trading at $1,912.21 the day before.

The decline is the third day the world’s second-largest cryptocurrency has fallen lower.

If bears maintain their dominance over market sentiment, ETH will probably find support around the $1,830 level.

Price strength is currently at a reading of 51.57, with a point of support close, at the 51.00 zone.

If this level is broken, there will likely be an influx of bearish activity.