On Friday, cryptocurrency prices rose as the markets prepared for U.S. nonfarm payrolls reports (NFP). The US workforce will be able to add approximately 200,000 new jobs, as the number of job openings continues to trend higher. Bitcoin moved away from a recent floor of $20,060, with ethereum surging closer to $1,600 ahead of today’s report.
Bitcoin (BTC) prices rebounded on Friday, as markets began to prepare for the release of October’s nonfarm payrolls report.
The jobs day report is expected to show that 200,000 jobs were added to the U.S. economy last month, lower than September’s figure of 263,000.
BTC/USD rallied to a peak of $20,642.81 ahead of the report, moving away from Thursday’s low of $20,086.24 in the process.
Today’s surge 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 mostly traded lower in the days that followed, with today’s rally one of the few days bullish momentum has trumped downward sentiment.
The relative strength index (RSI), which tracks at 58.57 as of this writing, is slightly below the ceiling of 59.00.
This resistance must be overcome in order to achieve $20,800 or more.
Ethereum (ETH) was also in the green in today’s session, with prices moving closer to the $1,600 mark.
After falling to $1,526.73 Thursday morning, the ETH/USD pair surged to $1,585.98 intraday earlier today.
The token crashed into the point of resistance, but it did not fully escape.
Since that earlier collision, ETH prices have somewhat fallen and are currently at $1,577.26 as of the writing.
As with bitcoin before, the previous bulls appear to have made profits just as the RSI was about to reach a resistance point.
The current index hovers around the ceiling at 63.00. This likely caused traders to sell positions to remove market uncertainty.
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