Bitcoin, Ethereum Technical Analysis: BTC Moves Back Below $29,000, as Bullish Sentiment Weakens

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Bitcoin was once again trading below the $29,000 level on Thursday, as bulls retreated following yesterday’s gains. The drop appeared to come as traders secured profits, following a failed breakout of a key price point. Ethereum also edged lower today.

Bitcoin

Bitcoin (BTC) dropped below the $29,000 zone in today’s session, as bulls appeared to have abandoned their positions following Wednesday’s gains.

After peaking at $29,988.00 yesterday, BTC/USD slipped to an intraday low of $28,946.51 earlier in the day.

This comes as the bullish sentiment surrounding Microstrategy’s latest BTC investment seems to have already faded.

In addition to this, the relative strength index (RSI) failed to move past a key ceiling at 50.00, and has bounded off a floor at 42.00.

As of writing, the index is tracking at 42.79, with BTC climbing back above the $29,000 mark as a result.

Price may now consolidate, as traders’ attention turns to Friday’s nonfarm payrolls report.

Ethereum

Additionally, ethereum (ETH) also moved lower earlier in the day, dropping below a support point of $1,850 in the process.

ETH/USD bottomed out at $1,822.35 during today’s session, following Wednesday’s high at $1,860.19.

As a result of today’s decline, ethereum moved back towards a four-week low at $1,812.

The slippage took place after the RSI fell below a floor at the 45.00 level, and it is now at a reading of 41.93.

Should momentum continue to drop, the next price target will likely be the $1,795 level.

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Will markets rebound prior to tomorrow’s payrolls report? Leave your thoughts in the comments below.