Bitcoin was consolidating above $23,000 to start the weekend, as traders continue to react to yesterday’s nonfarm payrolls figure. This confirmed that the U.S. had added 528,000 jobs to its economy in July. It helped increase crypto prices. After yesterday’s entry into the $1,700 area, Ethereum consolidated on Saturday.
Bitcoin (BTC) was consolidating Friday’s gains to start the weekend, as traders continued to respond to July’s nonfarm payrolls report.
BTC/USD rose to an intraday high of $23,422.83 Friday after the release of data. However, sentiment has waned somewhat, with the prices dropping to an all-time low of $22,800.36.
The move is due to bitcoin bulls who decided to liquidate their positions earlier to make more gains, since prices were closer to an uncertain point.
The chart shows that this is at $23,500. In recent weeks, bulls have been able to overcome bears in this region.
The bulls have so far abandoned positions to try and avoid this uncertainty. But, as this weekend advances, some may decide to come back.
BTC currently trades at $23,173.40. The chances of Bitcoin breaking out will increase as the price of bitcoin moves closer to that ceiling.
On Saturday, Ethereum (ETH), which was also consolidating on Saturday, traders were nervous because prices moved closer towards a critical resistance level.
The world’s second-largest cryptocurrency moved to a low of $1,661.86 earlier in today’s session.
However, the USD/ETH traded in the $1714 range as the day progressed.
As seen on the chart, yesterday’s decline came as ETH neared a ceiling of $1,780, with price strength also encountering a resistance of its own.
After failing to surpass its ceiling of 65 Friday, the 14-day relative strength indicator (RSI), is now tracking at 62.80.
This was one of many catalysts that sent ETH lower. If bulls reenter forcefully, it will be their first obstacle.
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This weekend, will bullish momentum turn to ethereum? Please leave your comments.
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