Following two consecutive sessions of declines, cryptocurrencies rebounded on Friday, as markets prepared for the first non-farm payrolls of the year. ETH was up 8% as of writing, with the crypto market cap 4.4% higher.
Bitcoin
On the first Friday of each month, the US Nonfarm Payrolls are released, which typically leads to increased market volatility, across all asset classes.
The world’s largest cryptocurrency, bitcoin, which fell to an intraday low of $36,388.14 during yesterday’s session, was up nearly 5% today, potentially benefiting from this volatility.
This came as BTC/USD hit an intraday high of $38,139.66 on Friday, as traders and investors appeared to have bought Thursday’s low.
As a result, the 14-day RSI held its support of 35, which initially appeared to be broken, and this indicator has now surged beyond resistance of 40, and tracks at 41.4.
As described earlier this week, bitcoin appears to be consolidating after the December and January selloffs, with many still anticipating a break of support or resistance, to trigger the next big price move.
Momentum for this swing is somewhat bullish, based on recent rallies.
Ethereum
ETH was higher again on Friday, with prices for the world’s second-largest cryptocurrency approaching the $3,000 level.
ETH/USD is currently up around 8% in today’s session, after hitting an intraday high of $2,855.75 earlier.
The move saw Ethereum briefly rally past the $2,844.00 resistance, before returning some of those gains, likely following the closing of their positions by profit takers.
Heading into the weekend, the 14-day RSI is trading above resistance of 44, and if there are more bulls added to this run, we could see multi-week highs for ETH.
