Bitcoin

Bitcoin, Ethereum Technical Analysis: BTC falls to 2-month low following the latest NFP report

Bitcoin fell to its lowest level in over two months, as Friday’s non-farm payrolls report showed an addition of 428,000. It was expected that last month’s payrolls would show an increase of 391,000 jobs — lower than March’s figure of 431,000. ETH also fell on the news, hitting a six-week low.

Bitcoin

Bitcoin fell by nearly 10% in today’s session, as traders continue to react to recent action by the Federal Reserve to hike interest rates.

Today’s drop, which sees prices of BTC/USD hit an intraday low of $35,714. 30, also comes as markets were preparing for the latest non-farm payrolls report.

Friday’s drop sees bitcoin slip for a second consecutive session, with prices now trading at their lowest level since February 24.

Despite slipping to a more than two-month low, there could be more declines ahead, as prices appear to be moving toward a floor of $34,050.

Looking at the chart, this latest fall in prices has pushed the RSI towards a one-month low of 35. 50, which is a point that has acted as a floor in the past.

Should this support fail to hold firm, then we will likely see that floor of $34,050 hit in the next few days.

Ethereum

ETH was also submerged by the latest red wave in crypto markets, as prices moved towards a six-week low.

The world’s second-largest cryptocurrency fell to an intraday low of $2,668. 60, which is its lowest level since March 16.

Today’s low took prices close to the long-term support level of $2,660, after breaking out of a higher price floor of $2,780.

As prices dropped, relative strength also gave way, with the 14-day RSI slipping below its own floor of 42.80.

Should this floor also fall apart, then we could see even more lows in ETH, with bears already targeting a $2,500 support point.

Overall, since the start of April, ETH/USD has moved from a peak of $3,560, to now trading almost $1,000 lower.

Will we see ETH continue to fall as we head into the weekend? Comment below with your thoughts.

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director, educator in retail trading, and commentator in Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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XCN defies Bitcoin and Ethereum slump with 97% spike

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure. The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier. Tariffs and other market conditions weigh on investor sentiment. Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins…

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
Tariffs and other market conditions weigh on investor sentiment.

Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

XCN price performance

The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

Overall market outlook

Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

Dow was down more than 900 points.

On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

Peter Schiff said via a post on X:

“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”