On Friday, Ethereum rose above $1,600 as the markets responded to the most recent nonfarm payrolls report (NFP). Today’s figures showed that 315k more jobs were created in the U.S. than was expected. Bitcoin trades at over $20,000. This was marginally more than the 300,000 expected.
Bitcoin (BTC), traded at over $20,000 as markets react to Friday’s latest jobs report.
Last month’s payrolls came in at 315,000, which is higher than the consensus estimate of 300,000.
BTC/USD has risen to $20,247.13 intraday, less than one day after it hit a low of $19,653.97.
The chart shows that bitcoin surged to $20,600 resistance, indicating market uncertainty.
Prices have mostly consolidated this week, ahead of today’s release, as traders anticipated the penultimate nonfarm payrolls (NFP) report for Q3.
Most Americans now anticipate that the U.S. jobs market will shrink in quarter four, as an inflation-driven recession has been predicted.
In addition to BTC, ethereum (ETH) was also higher in today’s session, as the token rose back above $1,600.
As of writing, the world’s second largest cryptocurrency raced to an intraday high of $1,648, climbing for a third consecutive day in the process.
Today’s climb sees ETH hit its strongest point in nine days, breaking out of an interim ceiling of $1,630 in the process.
Profit takers chose to exit their trades rather than keep them open, and earlier declines are now less severe.
The relative strength index (RSI), which has hit a ceiling at 49.80, may be responsible for this.
If ethereum bulls want to push prices higher, then we’ll likely have to witness this obstacle being overcome.
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