BTC, ETH Extend Consolidation, Ahead Non-Farm Payrolls – Bitcoin News
Bitcoin consolidated for a third session in a row on Friday, hours ahead of a much-anticipated nonfarm payrolls (NFP) release. Many expect payrolls to come in below the expected total of 240,000, after recent disappointing labor data. Ethereum was also largely unchanged at the time of writing.
Bitcoin
Bitcoin (BTC) consolidated for a third session in a row on Friday, as the global cryptocurrency market cap remained largely unchanged at the time of writing.
After a high of $28,178.30 on Thursday, BTC/USD fell marginally lower in today’s session, hitting a low of $27,765.34.
Markets have been largely subdued after last week’s ten-month high, but a target of $30,000 remains a near-term possibility.
From the chart, today’s action comes as the Relative Strength Index (RSI) continues to hover near a floor of 58.00
At the time of writing, the index is trading at 58.37, with the 10-day (red) moving average now on the verge of a bearish cross with its 25-day (blue) counterpart.
Should today’s NFP beat expectations, resulting in a stronger US dollar, we could see this transition take place, sending BTC lower.
Ethereum
Ethereum (ETH) was largely unchanged in today’s session, as the world’s second-largest cryptocurrency held close to $1,850.
ETH/USD is trading at $1,854.27 at the time of writing, after falling to a low of $1,846.82 earlier in the day.
This comes just two days after ethereum surged to its strongest point since last August, climbing above $1,900 in the process.
The decline came as ETH bulls failed to prevent the RSI from moving below a support point at 60.00.
Currently, the price is tracking the strength around 58.67, with a floor of 57.00 a potential target, should the momentum begin to wane.
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Expecting a strong non-farm payrolls report today? Leave your thoughts in the comments below.
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