Bitcoin rose to a multi-week high above $22,000 on Friday ahead of the latest nonfarm payroll report. The token rose to its highest level in more than three weeks, whileETHalso climbed, with ETHalso rising above $1,200 for the first time in nearly two weeks.
Bitcoin
BTC rose to a three-week high on Friday as the market anticipated the latest nonfarm payrolls release.
After hitting a low of $20,382.89 on Thursday,BTC/USD surged to an intraday peak of $22,314.94 earlier today.
The move sent bitcoin to its highest point since June 16, when prices had fallen from the $30,000 level.
The price of bitcoin failed to hold the resistance point at $22,070 and was at $21, 581.56 USD.
This is because the upper limit of 48.50 of the 14-day RSI indicator also held, and the bulls have decided to exit their positions at this point.
If BTCis to continue to rise over the weekend, relative strength must first rise above this current hurdle.
Ethereum
The world’s second largest crypto token was also green during today’s session as prices traded at multi-week highs.
ETH/USD hit a high of $1262.89 on Friday, the highest price it has traded at since June 26.
as well as BTCIn today’s action,but ETHrose above a key resistance point at $1,260, which has been an area of uncertainty for the past few weeks.
Since these highs were recorded, prices have since fallen and, as of this writing, Ethereum is trading at $1,227.74 at $1,227.74.
Currently, the price is down slightly, but the token is still 3.55% above yesterday’s bottom at $1,181.12.
Another similarity with the Bitcoin analysis above is that the 14-day RSI has also hit a ceiling here and unless we see a break above this point, theETHis likely to fall back toward the $1,100 area.
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