BTC Consolidates to Start the Weekend – Bitcoin News Market Updates

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Bitcoin was consolidating to start the weekend, as prices once again fell below $17,000. The move comes as traders continued to digest the latest US nonfarm payrolls report. Ethereum was also slightly lower in today’s session, with the price dropping below a key resistance point.

Bitcoin

Bitcoin (BTC) was consolidating to start the weekend, following the US Nonfarm Payrolls (NFP) report.

Yesterday’s figures showed that 263,000 jobs were added to the US economy, better than the 200,000 markets had expected.

This increase in jobs has left cryptocurrency markets uncertain about what the Federal Reserve will do at its next policy meeting.

BTC/USD – Daily Chart

BTC/USD slid to a low of $16,877.88 after the news, which is below Friday’s high of $17,116.04.

The 14-day Relative Strength Index (RSI) also slipped, now sitting at 52.16, which is near a low of 52.00.

Despite this, the 10-day moving average (red) has now fully exceeded its 25-day counterpart (blue), which seems to be a sign of further bullish momentum to come.

Ethereum

Ethereum (ETH) was also in the red on Saturday, as the price of the world’s second largest cryptocurrency fell below a key resistance point.

After a high of $1,299.84 on Friday, ETH/USD fell to a low of $1,275.09 earlier in today’s session.

This drop sees Ethereum drop below its recent high at the $1,285 level, despite a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages.

ETH/USD – Daily Chart

Looking at the chart, today’s decline came as the RSI fell below its long-term support point at 51.70. It now trails at 51.42, at the time of writing.

Traders still seem bullish on a potential move above $1,300, however, the RSI will likely need to break above the 52.00 mark.

If this happens and the momentum of the moving average picks up, then we could see ETH heading towards a high of $1,370.

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Could we see Ethereum hit $1,370 this weekend? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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