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Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, as Markets Consolidate on Thursday

Bitcoin was once again trading below $28,000, as markets consolidated ahead of Friday’s non-farm payrolls report. Payrolls are expected to come in at 240,000 for last month, with the unemployment rate in the U.S. remaining at 3.6%. Ethereum was also lower today, following an eight-month high on Wednesday.

Bitcoin

Bitcoin (BTC) was once again trading under $28,000 on Thursday, as markets began to prepare for tomorrow’s non-farm payrolls report.

BTC/USD dropped to an intraday low of $27,831.56 in today’s session, which comes less than 24 hours after trading at a high of $28,714.22.

The move came as bitcoin bulls were unable to sustain a breakout of a key resistance level of $28,500.

BTC/USD – Daily Chart

Looking at the chart, this latest drop in price came as the 14-day relative strength index (RSI) dropped below a floor of 58.00.

As of writing this, the index is now tracking at 57.80, with the 10-day (red) moving average nearing a downwards cross with its 25-day (blue) counterpart.

Should sentiment remain bearish, there is a strong possibility that BTC will fall to a floor at $27,000.

Ethereum

Ethereum (ETH) was also lower in today’s session, as prices slipped from an eight-month high the day prior.

Following a high of $1,924.47 on Wednesday, ETH/USD dropped to an intraday low of $1,859.00 earlier in the day.

As a result of this decline, ethereum has fallen from its strongest point since Aug. 17, when the price hit a peak of $1,957.

ETH/USD – Daily Chart

Similar to bitcoin, today’s drop came as a result of the the RSI hovering below a recent support point at 61.00.

Overall, it appears that earlier bulls have moved to take profits, ahead of the upcoming uncertainty in the market.

At the time of writing, ethereum is trading at $1,871.63.

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Could ethereum move above $2,000 in April? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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