Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report
Ahead of the latest nonfarm payrolls report, bitcoin rose to a multi-week high above $22,000 on Friday. The token climbed to its highest level in over three weeks, whilst ETH also rallied, rising above $1,200 for the first time in nearly two weeks. Bitcoin
BTC rallied to a three-week high on Friday, as markets anticipated the release of the latest nonfarm payrolls report.
Following a low of $20,382.89 on Thursday, BTC/USD surged to an intraday peak of $22,314.94 earlier today.
The move saw bitcoin climb to its highest point since June 16, when prices were declining from the $30,000 region. BTC/USD – Daily Chart
Earlier gains have since eased, with bitcoin now tracking at $21,581.56, as prices were unable to sustain a breakout of the $22,070 resistance point.
This comes as the ceiling of 48.50 on the 14-day RSI indicator was also held, with bulls deciding to exit their positions at that point.
If BTC is to continue its rally during the weekend, then relative strength would first need to climb past this current hurdle.
Ethereum
The world’s second largest crypto token was also in the green during today’s session, as prices were trading at multi-week highs.
ETH/USD was at a high of $1,262.89 on Friday, which is the most prices have traded at since June 26.
Similar to BTC, today’s move saw ETH climb above a key resistance point of $1,260, which has been an area of uncertainty in recent weeks. ETH/USD – Daily Chart
Since hitting those highs, prices have since fallen, and as of writing, ethereum is trading at $1,227.74.
Although prices are now trading slightly lower, the token is still 3.55% higher than yesterday’s bottom at $1,181.12.
Another similarity with the bitcoin analysis above is that the 14-day RSI has also hit a ceiling here, and unless we see a break beyond this point, then we will likely see ETH fall back towards the $1,100 region. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Do you expect bullish sentiment to increase this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin Price Outlook for July — Traders Remain Concerned About Upcoming Fed Rate Hike and Bankrupt Crypto Firms MARKET UPDATES | 5 hours ago Biggest Movers: MATIC Rises for 5th Straight Session, While AAVE Is up Nearly 10% MARKET UPDATES | 7 hours ago
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