Bitcoin was consolidating above $23,000 to start the weekend, as trers continue to react to yesterday’s nonfarm payrolls figure. It was confirmed that 528,000 jobs were ded to the U.S. economy in July, which helped boost crypto prices. Ethereum consolidated on Saturday, after reentering the $1,700 region yesterday.
Bitcoin (BTC) was consolidating Friday’s gains to start the weekend, as trers continued to respond to July’s nonfarm payrolls report.
Following the release of the data, BTC/USD surged to an intray peak of $23,422.83 on Friday. However, this sentiment has somewhat fed, with prices falling to a low of $22,800.36 today.
This move comes as bitcoin bulls opted to secure earlier gains by liquidating their positions, as prices moved closer to a recent point of uncertainty.
BTC/USD – Daily Chart
Looking at the chart, this area is the $23,500 level, which in recent weeks has been an area where bears typically overpower bulls.
As a result of this, bulls have so far abandoned their positions in hopes of eving this uncertainty, however as the weekend progresses, we may see some decide to return.
As of writing, BTC is tring at $23,173.40, and as we move closer to this price ceiling, the chances of a breakout will also increase.
Ethereum (ETH) also consolidated on Saturday, with trers nervous as prices moved closer to a key resistance level.
The world’s second-largest cryptocurrency moved to a low of $1,661.86 earlier in today’s session.
However, as the day progressed, ETH/USD rallied, and as of writing, is currently tring around the $1,714 region.
ETH/USD – Daily Chart
As seen on the chart, yesterday’s decline came as ETH neared a ceiling of $1,780, with price strength also encountering a resistance of its own.
The 14-day relative strength index (RSI) is currently tracking at 62.80, after failing to break out of its ceiling of 65 on Friday.
This was one of the catalysts to send ETH lower, and should bulls reenter with significant force, this will be their first obstacle to conquer.
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Will bullish momentum return to ethereum this weekend? Leave your thoughts in the comments below.
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META ARTICLE: Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend – Market Updates Bitcoin News PUBLISHED: 2022-08-06 12:30:43 SOURCE: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-consolidate-to-start-weekend-2/