Bitcoin fell below the $20,000 level for the first time since January as markets continued to react to the liquidation of Silvergate Bank. This comes ahead of a key US non-farm payrolls report that could decide how aggressively the Federal Reserve will act at its upcoming meeting. Ethereum moved below $1400 in today’s session.
Bitcoin (BTC) fell for a fifth straight session on Thursday as markets continued to react to the Silvergate Bank liquidation.
The bank has confirmed that it will cease its operations leading US Senator Elizabeth Warren to blame crypto in general.
Thus, less than 24 hours after reaching $21,796.12, BTC/USD fell to an intraday low of $19,669.92 earlier today.
The price collapse pushed bitcoin to its weakest point since January 13, when it hit a low of $18,714.
Another catalyst for the sell-off was the 14-day Relative Strength Index (RSI), which fell below a key threshold at the 32.00 mark.
At the time of writing, the index is tracking at 26.11, which is deep in oversold territory and the lowest reading of price strength since November 9.
Ethereum (ETH) was also significantly lower in the Friday session, with market volatility also higher due to this afternoon’s non-farm payrolls report.
205,000 jobs are expected to have been added to the US economy last month, down from a total of 517,000 in January.
The decline could have an overall positive effect, as the Federal Reserve may raise rates less aggressively depending on the outcome.
ETH/USD fell to a low of $1,378.53 earlier in the session, which comes a day after trading at a peak of $1,543.69.
generally, ETH it’s now down nearly 10% over the past week, with today’s drop sending the price to its weakest point since mid-January.
The RSI is now tracking at 28.30 as a result of this selloff, which is its weakest point since last June.
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