Bitcoin was trading below $20,000 on Friday, as markets prepared for the release of the latest U.S. nonfarm payrolls report. The token moved lower for the third consecutive session, as bearish sentiment returned to markets. Ethereum continued to consolidate ahead of this afternoon’s release.
Bitcoin
Bitcoin (BTC) was back below $20,000 on Friday, as traders continued to anticipate this afternoon’s nonfarm payrolls (NFP) report.
September’s payrolls are expected to come in at 250,000 jobs, with many believing that we could likely see the report come in better than expected.
BTC/USD fell to a low of $19,864.57 in today’s session, less than 24 hours after trading at a high of $20,294.39.
Ultimately price uncertainty has increased in recent days, as the U.S. dollar began to strengthen, after recent declines.
The 14-day relative strength index (RSI) is currently tracking marginally above a floor of 51.00, with the next resistance point at 55.80.
Should BTC move towards this point, we will likely see bitcoin not only back above $20,000, but potentially closer to $21,000.
Ethereum
Ethereum (ETH) was mostly consolidating in today’s session, as prices continued to trade below a ceiling of $1,380.
The world’s second largest cryptocurrency dropped to $1,349.45, which is slightly lower than yesterday’s peak of $1,375.77.
Overall, ETH/USD is still trading nearly 3% higher than at the same time last week, with the RSI tracking below a key hurdle.
As of writing, the index is hovering around 45.64, which is below resistance of 47.00, with ETH trading at $1,356.90.
Should we see the token break out at this point in the upcoming days, we could see ethereum finally hit $1,400.
The 10-day (red) moving average is also nearing its 25-day (blue) counterpart, which is another sign of a potential shift in momentum.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect today’s NFP report to come in over 250,000 jobs? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer