BTC rebounds on Friday, as NFP report emerges – Market Updates Bitcoin News
Cryptocurrency prices rallied on Friday as markets braced for the latest US nonfarm payrolls (NFP) report. It is expected that 200,000 jobs will have been added to the US labor force, which comes as job vacancies once again increased. Bitcoin moved away from a recent floor of $20,060, with ethereum rising closer to $1,600 ahead of today’s report.
Bitcoin
Bitcoin (BTC) prices rallied on Friday as markets began to prepare for the release of October’s non-farm payrolls report.
The Labor Day report is expected to show that 200,000 jobs were added to the US economy last month, down from September’s figure of 263,000.
BTC/USD rose to a high of $20,642.81 ahead of the report, moving away from Thursday’s low of $20,086.24 in the process.
Today’s rise sees the world’s largest token move towards a ceiling of $20,800, which was last hit on October 30.
Since last week’s failed breakout, BTC traded mostly lower in the days that followed, with today’s rally one of the few days bullish momentum has trumped bearish sentiment.
At the time of writing, the relative strength index (RSI) follows at 58.57, which is marginally below a ceiling of 59.00.
To reach $20,800 and above, this resistance must first be broken.
Ethereum
Ethereum (ETH) was also in the green in today’s session, with prices moving closer to the $1,600 mark.
After a low of $1,526.73 on Thursday, ETH/USD rose to an intraday high of $1,585.98 earlier in the day.
The move caused the token to collide with the key resistance point, but was unable to fully break out of this barrier.
Since this earlier collision, ETH has fallen somewhat, trading at $1,577.26 at the time of writing.
As with bitcoin in the past, previous bulls have apparently taken profits, just as the RSI approached a separate resistance point.
The index is currently hovering around a ceiling of 63.00, which likely prompted traders to liquidate positions to avoid market uncertainty.
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Could we see ethereum hit $1600 this weekend? Leave your thoughts in the comments below.
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