Bitcoin consolidated to start the weekend as prices fell back below $17,000. The move comes as traders continued to digest the latest US non-farm payrolls report. Ethereum also fell slightly in today’s session, with the price breaking below a key resistance point.
Bitcoin was in consolidation to start the weekend following the US Non-Farm Payrolls (NFP) report. Yesterday’s numbers showed that 263,000 jobs were added to the US economy, better than the 200,000 that markets were expecting.
This increase in employment has left cryptocurrency markets uncertain about what the Federal Reserve will do at its next policy meeting.
Bitcoin fell to a low of $16,877.88 following the news, which is below Friday’s high of $17,116.04. The 14-day Relative Strength Index (RSI) also declined and is now at 52.16, which is close to a low of 52.00.
Despite this, the 10-day moving average (red) has completely crossed its 25-day counterpart (blue), which appears to be a signal of upcoming bullish momentum.
Ethereum was also in the red on Saturday as the price of the world’s second largest cryptocurrency fell below a key resistance point. After hitting a high of $1,299.84 on Friday, Ethereum fell to a low of $1,275.09 earlier in today’s session.
This drop has Ethereum falling below its recent high of the $1,285 level, despite a recent upward crossing of the 10-day (red) and 25-day (blue) moving averages.
Today’s decline is explained by the RSI breaking below its long-term support point of 51.70. It now stands at 51.42 at the time of writing. Traders still seem bullish on a potential move above $1,300, however, the RSI will likely need to break above the 52.00 mark.
If this happens and the moving average rises, we can see an increase in the RSI index. ETH is headed for a ceiling of $1,370.