Bitcoin moved closer to the $17,000 level to start the weekend, as traders continued to react to the latest U.S. nonfarm payrolls data. December’s payrolls came in at 223,000, which was better than the 200,000 markets had expected. Ethereum was also higher on Saturday, with prices nearing a three-week high.
Bitcoin (BTC) moved closer to the $17,000 level on Saturday, as traders continued to react to the latest U.S. nonfarm payrolls (NFP).
Last month’s NFP numbers came in at 223,000, which is 23,000 higher than expected, and this was in a month where the Federal Reserve increased interest rates by less than in previous months.
In response to this, BTC/USD surged to a peak of $16,991.99 to start the weekend, hovering close to a three-week high in the process.
BTC/USD – Daily Chart
As can be seen from the chart, today’s rally came as the 10-day (red) moving average closed in on a crossover with its 25-day (blue) counterpart.
This, as the 14-day relative strength index (RSI) also rallied, climbing above a key resistance point at 50.00
Currently, the index is tracking at 52.24, with the next visible ceiling at the 55.00 mark, which is likely where bulls are targeting.
In addition to BTC, ethereum (ETH) also moved higher to start the weekend, with prices moving gradually closer to $1,300.
Following a low of $1,240.95, ETH/USD raced to an intraday high of $1,273.22, which is its highest point since December 17.
Today’s move comes as an upwards crossover of moving averages has recently occurred, with the 10-day (red) trend line moving higher versus the 25-day (blue) line.
ETH/USD – Daily Chart
Typically such a move is a sign of current and future bullish momentum, and this could likely tempt more bulls to re-enter the market.
The next target will undoubtedly be the aforementioned $1,300 ceiling, which will likely be hit once the RSI climbs past its current ceiling at 59.00.