The latest nonfarm payrolls report has caused Bitcoin (BTC) to move lower at the start of the week. The report revealed that the number of jobs added to the US economy is higher than expected, justifying the Federal Reserve’s decision to increase interest rates by 0.25%. As a result, BTC/USD fell to an intraday low of $27,691.26 earlier in today’s session, following a peak of $29,119.38 the day before. This latest drop has sent prices to a one-week low, with the RSI falling below a floor at 47.00. The index is currently tracking at 44.32, and bears are targeting a floor of 42.00.
Ethereum Also Plunges
Ethereum (ETH) was also in the red on Monday, with prices falling below $1,900. After reaching a high of $1,934.00 on Sunday, ETH/USD fell by almost $100, hitting a low of $1,839.89 earlier in the day. This decline marks the third consecutive day that ETH has fallen. Ethereum bears are now attempting to take the RSI to its own point of support at 45.00, with the index currently at 47.02, having recently moved below a higher support point at 49.00. If price strength hits the target of 45.00, there is a possibility that ETH will be trading under $1,800.