As the market awaited the release of the Nonfarm Payrolls report, Bitcoin continued its consolidation phase for the third day in a row. Despite several negative headlines surrounding the crypto market, including China’s renewed crackdown on cryptocurrencies and the recent stock market sell-off, Bitcoin remained resilient. However, traders still await a catalyst to push the market in one direction. Meanwhile, Ethereum showed little movement at the time of writing. Many analysts believe that the upcoming NFP report will likely fall below the anticipated sum of 240,000, which could impact the market’s performance in the short term.
Bitcoin
On Friday, Bitcoin (BTC) remained in its third consecutive consolidation phase, with the global cryptocurrency market cap showing no significant changes at the time of writing. Despite reaching a high of $28,178.30 on Thursday, BTC/USD experienced a slight dip in today’s session, dropping to a low of $27,765.34. The market has been relatively subdued since last week’s ten-month high, but it is still potential for BTC/USD to reach $30,000 in the short term.
Analyzing the chart, the RSI continues to hover near its floor at 58.00, with the 10-day moving average close to crossing below the 25-day counterpart. If the upcoming NFP report exceeds expectations, resulting in a stronger US dollar, it is possible that BTC could experience a bearish trend.
Overall, the market remains cautious as it awaits the upcoming NFP report. While there is still a possibility of BTC/USD reaching $30,000, traders are closely monitoring the chart to see if the bearish trend will continue or if there will be a reversal. As always, the cryptocurrency market is unpredictable, and traders should exercise caution and make informed decisions based on market analysis.
Ethereum
At the time of writing, Ethereum (ETH), the world’s second-largest cryptocurrency, mainly remained unchanged, trading near $1,850. However, the ETH/USD pair experienced a slight dip earlier in the day, reaching a low of $1,846.82. This fall came just two days after Ethereum hit its highest point since August of the previous year, crossing $1,900. Despite this setback, traders remain optimistic and believe the current consolidation phase is a temporary lull before the market rallies again.
ETH bulls could not prevent the RSI from dropping below a support level of 60.00, resulting in a recent decline. The price strength is currently tracking around 58.67, with a potential target of 57.00, should momentum continue to decline. Traders closely monitor the RSI and the moving average of ETH to analyze chart trends and make informed decisions about the cryptocurrency’s future price direction.
In summary, the market remains cautious as it awaits the upcoming NFP report. While the recent dip may be concerning for some traders, there is still optimism in the market for a future rally. As always, traders should exercise caution and make informed decisions based on market analysis.