Bitcoin was consolidating above $23,000 to start the weekend as traders continued to react to yesterday’s nonfarm payroll numbers.528,000 jobs were added to the U.S. economy was confirmed, which helped push crypto prices higher. Ethereum consolidated on Saturday after re-entering the $1700 area yesterday.
Bitcoin
Bitcoin (BTC) consolidated Friday’s gains to start the weekend as traders continued to react to July nonfarm payrolls numbers.
Following the release of the data,BTC/USD surged to an intraday peak of $23,422.83 on Friday. However, this sentiment faded somewhat, with prices falling to a low of $22,800.36 today.
This move was due to bitcoin bulls opting to secure their earlier gains by liquidating their positions as prices approached recent points of uncertainty.
The chart shows this area at the $23,500 level, an area where bears have typically overwhelmed bulls in recent weeks.
As a result, bulls are abandoning their positions for now in hopes of avoiding this uncertainty, but some may decide to return as the weekend progresses.
At the time of writing,BTCis trading at $23,173.40, and as we approach this price ceiling, the potential for a breakout increases.
Ethereum
also consolidated on Saturday, making traders nervous as the price approaches a key resistance line.
The world’s second-largest cryptocurrency moved to a low of $1661.86 earlier in the session today.
But as the day wore on,ETH/USD rose and at the time of writing is currently trading around $1,714.
As seen in the chart, yesterday’s decline wasETHapproached the $1,780 ceiling and price strength also encountered its own resistance encountered.
The 14-day Relative Strength Index (RSI) is currently tracking at 62.80 after failing to break through the 65 ceiling on Friday.
This was one of the catalysts sendingETHlower, and if the bulls re-enter with great force, this will be the first obstacle to conquer.
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