Bitcoin rose above $22,000 in the week ahead of Friday’s nonfarm payrolls reports. Bitcoin climbed to the highest point in more than three weeks while ETH rose, reaching $1,200, for its first time in almost two weeks.
Bitcoin
BTC surged three weeks to its highest level on Friday as the markets anticipated the publication of the nonfarm payrolls report.
The intraday low on Thursday of $20,382.89 was followed by a surge to $22,314.94 later today.
Bitcoin reached its highest point in six months since June 16th when the price was falling from $30,000 to $30,000.
Since earlier gains were lessened, bitcoin is now at $21,581.56, after prices failed to break the $22,070 resistance level.
This is because the limit of 48.50 on 14-day RSI was still held. At that time, bulls had decided to quit their positions.
To continue the rally of BTC over the weekend, relative strength must first climb above this hurdle.
Ethereum
The world’s second largest crypto token was also in the green during today’s session, as prices were trading at multi-week highs.
Friday’s high price of $1262.89 for ETH/USD marked the highest level at which prices have been trading since June 26.
Similar to BTC, today’s move saw ETH climb above a key resistance point of $1,260, which has been an area of uncertainty in recent weeks.
The prices of ethereum have dropped since reaching those record highs. As of the writing of this article, they are trading at $1.227.74.
Although prices are now trading slightly lower, the token is still 3.55% higher than yesterday’s bottom at $1,181.12.
The bitcoin analysis also shows that the 14-day RSI is at a plateau. If this happens, then ETH could fall to $1,100.
Are you expecting bullish sentiments to rise this weekend? Please leave your comments.
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