Ethereum rose above $1,700, while bitcoin snapped a seven-day losing streak on Friday, with prices rebounding in today’s session. The move came ahead of this afternoon’s payrolls report, which is expected to show that 250,000 jobs were added to the U.S. economy in July.
The nonfarm payrolls reports are out on Friday. Bitcoin (BTC) is back in the green as it rebounded after recent losses.
Following a low of $22,485.70 in Thursday’s session, BTC/USD rallied to a peak of $23,354.13 earlier in the day.
This was because bitcoin bulls had helped prices rebound from $22,600 as a support level after an earlier false breakout.
Despite today’s surge, BTC is down 2.30% in the last seven days, where prices moved lower in consecutive sessions.
The 14-day RSI, or relative strength index, fell below 53 as its support level, and to a low at 50.95 which, however, was an interim floor.
Price strength is now above the point of writing and currently stands at 56.80 with a ceiling waiting for 61.
Ethereum (ETH), which saw prices rise above $1,700 on Friday, also reversing the declines of the two previous trading days.
As of writing, the world’s second-largest cryptocurrency moved to a peak of $1,708.98 in today’s session, as bulls reentered the market.
This move is less than 24 hours following ETH’s recent decline.
ETH seems to have dealt with this pressure so far, with momentum now shifting, following today’s bullish engulfing pattern.
Bulls’ next goal will be to maintain this trend, and it is likely that they will target $1,800 resistance, last reached July 28th.
To achieve this, the price strength must rise to its ceiling at 66. At the time of writing, RSI was at 63.85.
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