BTC Consolidates To Start The Weekend – Market Updates Bitcoin News
Bitcoin consolidated to start the weekend, as prices once again fell below $17,000. The move comes as traders continued to digest the latest US non-farm payrolls report. Ethereum was also marginally lower in today’s session, with its price falling below a key resistance point.
Bitcoin
Bitcoin (BTC) consolidated to start the weekend, following the US nonfarm payrolls (NFP) report.
Figures yesterday showed that 263,000 jobs were added to the US economy, better than the 200,000 the markets had expected.
This increase in jobs has left cryptocurrency markets uncertain about what the Federal Reserve will do in its next policy meeting.
BTC/USD fell to a low of $16,877.88 following the news, which is lower than Friday’s high of $17,116.04.
The 14-day relative strength index (RSI) has also fallen, now trading at 52.16, which is near a floor of 52.00.
Despite this, the 10-day (red) moving average has now fully crossed its 25-day (blue) counterpart, which appears to be a signal of upcoming bullish momentum.
Ethereum
Ethereum (ETH) was also in the red on Saturday, as the price of the world’s second largest cryptocurrency fell below a key resistance point.
After a high of $1,299.84 on Friday, ETH/USD fell to a low of $1,275.09 earlier in today’s session.
This drop sees Ethereum moving below the recent ceiling at the $1,285 level, despite a recent upward cross of the 10-day (red) and 25-day (blue) moving averages.
Looking at the chart, today’s decline came when the RSI fell below the long-term support point at 51.70. It is now tracking at 51.42, at the time of writing.
Traders still appear to be bullish on a potential move above $1,300, but the RSI will likely need to rise beyond the 52.00 mark.
Should this happen, and the momentum of the moving average rises higher, then we could see ETH move towards a ceiling of $1,370.
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Could we see ethereum reach $1370 this weekend? Leave your thoughts in the comments below.
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