Bitcoin$BTC

(BTC) lost 2.07 percent to $64,392, while Ethereum$ETH

(ETH) also fell 1.69% to $2,624. Both cryptocurrencies have lost momentum after last week’s bull run. Crypto investors are focused on Fed Chair Jerome Powell’s speech on September 30 and the nonfarm payrolls data to be released on Friday. These two factors could herald an eventful week.

With Jerome Powell’s upcoming speech, it is observed that selling pressure has increased in Bitcoin. According to CoinMarketCap data, the Bitcoin price fell by 2.09 percent in the last 24 hours to approximately $64,403. The leading cryptocurrency tested $66,500 after the release of lower-than-expected personal consumption expenditures (PCE) data, but this upward movement was not permanent. Powell’s speech on the crypto industry and the nonfarm payrolls data to come on Friday may determine the direction of Bitcoin.

Positive View from Crypto Analyst

Rachael Lucas, a crypto analyst at BTC Markets, stated that the buying demand in Bitcoin is strong. Stating that the bulls are ahead on the daily chart, the analyst drew attention to the loss of momentum. Lucas, who stated that Ethereum has fallen due to being below its 50-day moving average, has a generally positive outlook. According to CoinMarketCap, ETH is trading at $2,626, down 1.69 percent in the last 24 hours.