Bitcoin consolidated for the third session in a row on Friday, hours before the highly anticipated Non-Farm Payrolls (NFP) release. Many expect payrolls to be below the expected sum of 240,000, following disappointing recent jobs data. Ethereum was also largely unchanged at the time of writing.
Bitcoin
bitcoin (BTC) consolidated for the third session in a row on Friday, as the global cryptocurrency market capitalization remains largely unchanged as of this writing.
After a high of $28,178.30 on Thursday, BTC/USD fell marginally lower in today’s session, bottoming out at $27,765.34.
Most markets have been quiet after last week’s 10-month high, however a $30,000 target remains a near-term possibility.
From the chart, today’s action comes as the RSI continues to hover near a bottom at 58.00.
At time of writing, the index stands at 58.37, with the 10-day moving average (red) now on the brink of a lower crossover with its 25-day counterpart (blue).
If today’s NFPs beat expectations, resulting in a stronger US dollar, we could see this cross occur, sending BTC lower.
Ethereal
ethereal (ETH) was largely unchanged in today’s session as the world’s second-largest cryptocurrency held near $1,850.
ETH/USD is trading at $1,854.27 at the time of writing, after falling to a low of $1,846.82 earlier in the day.
This comes just two days after Ethereum hit its strongest point since last August, rallying over $1,900 in the process.
The decline occurred as ETH The bulls could not stop the RSI from moving below a support point at 60.00.
Currently, price strength is around 58.67, with a floor of 57.00 as a potential target, should momentum start to wane.
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