Bitcoin pulled back from a six-month high on Feb. 3, when bears re-entered the market ahead of today’s US Non-Farm Payrolls (NFP) report. Following a move above the $24,000 level on Thursday, sentiment changed as traders braced for the fundamental report, which is expected to hit 185,000. Ethereum was also in the red, giving up a five-month high in the process.
Bitcoin
bitcoin (BTC) fell further on Friday as market volatility increased ahead of the latest US Non-Farm Payrolls (NFP) report.
After a high of $24,091.54 on Thursday, BTC/USD fell to an intraday low of $23,390.38 today.
Friday’s drop comes as BTC The bulls were unable to sustain a break of a key resistance level at $24,000.
One of the reasons behind this was the 14-day RSI, which also failed to break a recent high at 74.00.
As of this writing, the index is now at 69.48, which is slightly above the support level at the 68.00 mark.
If this low does not hold during today’s session, there is a very good chance that BTC it will move below $23,000.
Ethereal
In addition to BTCethereal (ETH) also pulled back from recent gains, with prices trailing a five-month high.
ETH/USD rose to a high of $1,704.46 on Thursday, which was its highest point since September 13.
However, with the NFP fast approaching, market momentum has moved marginally, with ETH falling to a low of $1,634.22 earlier in the day.
Looking at the chart, the selloff also coincided with the RSI below the 63.00 mark, which appears to be an intermediate point of resistance.
As of this writing, the index sits at 62.92, with a doji candlestick as the current print on today’s chart.
This generally indicates indecision and uncertainty, with neither the bears nor the bulls able to capture market sentiment.
Many expect an end to this consolidation after the NFP release later today.
Sign up your email here to receive weekly price analysis updates in your inbox:
Do you expect nonfarm payrolls to be above or below 185,000 jobs? Leave your thoughts in the comments below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
