Bitcoin plummeted below $26,000 to start the month of September, as markets waited for the latest non-farm payrolls (NFP) report. Payrolls in the United States were expected to fall to 170,000 for August, however came in at 187,000. Ethereum was also down on the news, falling below $1,700.
Bitcoin
Bitcoin slipped below the $26,000 level on Friday, prior to the release of August’s U.S. nonfarm payrolls report.
BTC/USD dropped to a low of $25,752 earlier in the day, less than 24 hours after peaking at $27,456.
This drop caps off an extremely volatile week for bitcoin, which was trading above $28,000 three days ago.
As a result of this latest sell-off, the world’s largest cryptocurrency closed in on a key price floor of $25,600.
Despite strong gains earlier this week, the 14-day relative strength index (RSI) was unable to break out of a ceiling at 53.00.
This triggered previous bulls to instead secure their profits, liquidating earlier positions in the process.
At the time of writing, price strength is tracking at 38.58, however price is now back above $26,000, following the NFP report.
Ethereum
Ethereum (ETH) remained in the red during today’s session, falling below $1,700 in the process.
After reaching a high of $1,720 on Thursday, ETH/USD slipped to a bottom of $1,634 earlier in the day.
As a result of this price dive, ethereum briefly fell below a recent support level of $1,650.
Similar to BTC, this recent spell of downward pressure comes as the RSI failed to move above a key resistance threshold.
The index is now at a reading of 38.05, a few days removed from a collision with a ceiling at 49.00.
In the event momentum continues to tumble, the next price target will be $1,600.
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