Bitcoin moved closer to the $17,000 levels to start the weekend as traders continued to react to the latest US non-farm payrolls data. Employment numbers in December were 223,000, better than the 200,000 market expected. Ethereum also rose on Saturday, with the price approaching his three-week high.
Bitcoin (BTC) approached the $17,000 levels on Saturday as traders continued to react to the latest US Nonfarm Payrolls (NFP) data.
Last month’s NFP figure was 223,000, which is 23,000 higher than expected, and this was a month in which the Federal Reserve raised interest rates less than the previous month.
In response, BTC/USD surged to a peak of $16,991.99 to start the weekend, holding near three-week highs in the process.
As you can see from the chart, today’s uptrend occurred when the 10-day (red) moving average crossed over the 25-day (blue) moving average.
It also increased the 14-day Relative Strength Index (RSI) above the key resistance point of 50.00
The index is currently tracking 52.24 and the next visible peak is at the 55.00 mark, which is likely to be targeted by the bulls.
In addition to BTC, Ethereum (ETH) also rose at the start of the weekend, gradually approaching $1,300.
Following a low of $1,240.95, ETH/USD raced to an intraday high of $1,273.22, its highest since December 17th.
Today’s move is due to a recent upward crossover of the moving averages, with the 10-day (red) trend line rising against the 25-day (blue) line.
Such moves are usually a sign of current and future bullish momentum, which could lead to more bulls re-entering the market.
The next target is definitely the aforementioned $1,300 cap, which will likely be hit if the RSI rises above the current cap of 59.00.
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Do you think Ethereum will break above $1,300 this weekend? Leave your thoughts in the comments below.
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