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Hours before the release of the highly anticipated nonfarm payrolls (NFP), Bitcoin consolidated for a third straight session on Friday. Considering the recent dismal labour market data, many anticipate that payrolls will be lower than the predicted 240,000. As of this writing, Ethereum has mostly stayed the same.
Bitcoin
On Friday, Bitcoin (BTC) held steady for the third time in a row, and as of this writing, the market capitalization of all cryptocurrencies is almost constant.
After reaching a high of $28,178.30 on Thursday, BTC/USD slightly decreased today, reaching a low of $27,765.34.
After reaching a ten-month high last week, the markets have largely been quiet; nonetheless, a target price of $30,000 is still within reach in the near term.
According to the chart, today’s movement occurs as the relative strength index (RSI) remains in a tight range around a floor of around 58.00.
The index is currently tracking at 58.37, and the 10-day (red) and 25-day (blue) moving averages are about to cross in a bearish direction.
We might witness this crossing occur, driving BTC lower, should today’s nonfarm payrolls (NFP) beat forecasts, strengthening the U.S. Dollar.
Ethereum
The value of Ethereum (ETH), the second-largest cryptocurrency in the world, maintained close to $1,850 during today’s session.
ETH/USD is currently trading at $1,854.27 after hitting a low of $1,846.82 earlier in the day.
Two days ago, Ethereum reached its highest level since last August, rising more than $1,900 in the process.
The loss occurred as a result of ETH bulls’ inability to stop the RSI from falling below a crucial support level at 60.00.
Price strength is currently hovering around 58.67, with a potential target of 57.00 should momentum start to decline.
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