Bitcoin and Ethereum below $20,000 and $1,600, crypto on the brink!

After a brief rally above $20,000 and $1,600 respectively, bitcoin and ethereum fell below these levels to start the weekend. The drop comes as the momentum surrounding yesterday’s US jobs report faded very quickly. Bitcoin moved closer to its support point of $20,500, while Ethereum traded near its low of $1,550.


Bitcoin fell back below $20,000 to start the weekend as the token’s prices edged closer to a key support point.

The initial bullish momentum that followed the release of US jobs figures last month appears to have faded as markets brace for an economic slowdown.

Although Friday’s 315,000 jobs figure was better than expected, it was lower than July’s (528,000).

BTC – Daily Chart

As a result, BTC slipped to a low of $19,779.55 on Saturday, less than 24 hours after hitting a high of $20,401.57. Looking at the chart, bitcoin is now about to collide with its floor price of $19,500, which has not been broken since July 16.

However, if the Relative Strength Index (RSI), which currently sits at 35.77, drops to its own low of 33.95, this breakout will likely take place.


In addition, Ethereum was also down in Saturday’s session, with the token once again dropping below $1,600. After hitting a high of $1,643.18 on Friday, ETH slid around $100, hitting a low of $1,542.30.

The decline sees Ethereum briefly break out of its own support at $1,550 to start the weekend as bearish sentiment in the crypto has returned.

ETH – Daily Chart

Previous declines have now eased as profit takers opted to exit their positions rather than keep trades open. Although prices have since rallied above the previous low, some fear further declines are ahead.

The bears are likely looking to a floor of $1,420 as a possible target, should volatility in the markets remain trending lower.

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