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 (Bitcoin) approached $17,000 levels on Saturday as traders continued to react to the latest US nonfarm payrolls (NFP).
Last month’s NFP figure was 223,000, which is 23,000 higher than expected. This was the month the Federal Reserve did not raise interest rates more than the previous month.
On the contrary, Bitcoin/USD surged to a peak of $16,991.99 to start the weekend, holding near three-week highs along the way.
Bitcoin/USD – daily chart
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
Currently, the index is tracking 52.24 and the next visible peak is at the 55.00 mark, likely targeted by the bulls.
In addition to BitcoinEthereum (ethereum) also rose earlier in the weekend, gradually approaching $1,300.
Following a low of $1,240.95, ethereum/USD hit 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.
ethereum/USD – daily chart
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 could be reached 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.
Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes including cryptocurrencies, stocks and FX.
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