Bitcoin was trading below $20,000 on Friday as markets braced for the release of the latest U.S. nonfarm payrolls report. The token fell for the third straight session as bearish sentiment returned to the markets. Ethereum continued to consolidate ahead of this afternoon’s release.
Bitcoin (BTC) was back below $20,000 on Friday as traders continued to anticipate this afternoon’s Nonfarm Payrolls (NFP) report.
September payrolls are expected to reach 250,000 jobs, with many thinking we could probably see the report come in better than expected.
BTC/USD fell to a low of $19,864.57 during 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 US Dollar has begun to strengthen after recent declines.
The 14-day Relative Strength Index (RSI) is currently sitting slightly above a low of 51.00, with the next point of resistance at 55.80.
If BTC heads towards this point, we will likely see bitcoin not only rally back above $20,000, but potentially closer to $21,000.
Ethereum (ETH) was mostly consolidating during today’s session as prices continued to trade below a high of $1,380.
The second largest cryptocurrency in the world fell 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 from the same time last week, with RSI tracking below a key hurdle.
At the time of writing, the index is hovering around 45.64 which is below the resistance at 47.00, with ETH trading at $1,356.90.
If we see the token break out at this point in the next few days, we could see Ethereum finally hit $1,400.
The 10-day moving average (red) is also approaching its 25-day counterpart (blue), which is another sign of potential shifting momentum.
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Do you expect today’s NFP report to show more than 250,000 jobs? Leave your thoughts in the comments below.
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