Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Consolidation Ahead of Nonfarm Payrolls

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Consolidation Ahead of Nonfarm Payrolls

Bitcoin consolidated for a third consecutive session on Friday, hours before a much anticipated nonfarm payrolls (NFP) release. Many are expecting that payrolls will come in under the 240,000 expected sum, following recent disappointing labor data. Ethereum was also largely unchanged as of writing. Bitcoin

Bitcoin (BTC) consolidated for a third consecutive session on Friday, as the global cryptocurrency market cap remains largely unchanged at the time of writing.

Following a high of $28,178.30 on Thursday, BTC/USD fell marginally lower in today’s session, hitting a bottom of $27,765.34.

Markets have mostly been muted following last week’s ten-month high, however a target of $30,000 still remains a short-term possibility. Bitcoin chart by TradingView

From the chart, today’s action comes as the relative strength index (RSI) continues to hover close to a floor at 58.00

As of writing, the index is tracking at 58.37, with the 10-day (red) moving average now on the brink of a downwards cross with its 25-day (blue) counterpart.

Should today’s NFP beat expectations, resulting in a stronger U.S. Dollar, we could see this crossover take place, sending BTC lower. Ethereum

Ethereum (ETH) was largely unchanged in today’s session, as the world’s second largest cryptocurrency remained near $1,850.

ETH/USD is trading at $1,854.27 at the time of writing, after falling to a low of $1,846.82 earlier in the day.

This comes just two days after ethereum rose to its strongest point since last August, climbing over $1,900 in the process. Ethereum chart by TradingView

The decline came as ETH bulls were unable to prevent the RSI from moving below a support point at 60.00.

Currently, price strength is tracking around 58.67, with a floor of 57.00 a potential target, should momentum begin to decline.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect a strong nonfarm payrolls report today? Leave your thoughts in the comments below. Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: DOGE Down 8% as Twitter Removes Logo MARKET UPDATES | 8 hours ago Biggest Movers: DOGE Extends Declines on Thursday, Falling by Nearly 9% MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSwiss State-Owned Banking Giant Postfinance to Offer Crypto Services Next articleSouth Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"

Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether