BTC, ETH Consolidate To Start Weekend – Market Updates Bitcoin News
Bitcoin consolidated above $23,000 to start the weekend, as traders continue to react to yesterday’s non-farm payrolls numbers. It was confirmed that 528,000 jobs were added to the US economy in July, which helped boost crypto prices. Ethereum consolidated on Saturday, after re-entering the $1,700 region yesterday.
Bitcoin
Bitcoin (BTC) consolidated Friday’s gains to start the weekend as traders continued to respond to July’s nonfarm payrolls report.
Following the release of the data, BTC/USD rose to an intraday high of $23,422.83 on Friday. However, this sentiment has faded somewhat, with prices falling to a low of $22,800.36 today.
The move comes as bitcoin bulls chose to lock in earlier gains by unwinding their positions as prices neared a recent juncture of uncertainty.
Looking at the chart, this area is the $23,500 level, which in recent weeks has been an area where bears typically overpower bulls.
As a result, bulls have thus far exited their positions in hopes of avoiding this uncertainty, but as the weekend progresses, we may see some decide to return.
At the time of writing, BTC is trading at $23,173.40, and as we approach this price ceiling, the chances of a breakout will also increase.
Ethereum
Ethereum (ETH) also consolidated on Saturday, with traders jittery as prices moved closer to a key resistance level.
The world’s second-largest cryptocurrency moved to a low of $1,661.86 earlier in today’s session.
However, as the day progressed, ETH/USD rallied and at the time of writing is trading around the $1,714 region.
As seen on the chart, yesterday’s decline came as ETH approached a ceiling of $1,780, with price strength also encountering resistance of its own.
The 14-day relative strength index (RSI) is currently tracking at 62.80, after it failed to break out of the 65 ceiling on Friday.
This was one of the catalysts to send ETH lower, and should bulls come back in with significant force, this will be their first hurdle to conquer.
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Will bullish momentum return to ethereum this weekend? Leave your thoughts in the comments below.
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