Fun

Bitcoin, Ethereum Technical Analysis: BTC Falls From Recent High, Ahead of US Non-Farm Payrolls

News Feed - 2023-02-03 10:02:01

Bitcoin, Ethereum Technical Analysis: BTC Falls From Recent High, Ahead of US Non-Farm Payrolls


Bitcoin retreated from a six month high on Feb. 3, as bears reentered the market ahead of today’s U.S. non-farm payrolls (NFP) report. Following a move above the $24,000 level on Thursday, sentiment shifted, as traders prepared for the pivotal report, which is expected to come in at 185,000. Ethereum was also in the red, giving up a five month peak in the process. Bitcoin


Bitcoin (BTC) fell lower on Friday, as market volatility rose ahead of the latest U.S. non-farm payrolls (NFP) report.


Following a high of $24,091.54 on Thursday, BTC/USD dropped to an intraday low of $23,390.38 earlier today.


Friday’s fall comes as BTC bulls were unable to sustain a breakout of a key resistance level at $24,000. BTC/USD – Daily Chart


One of the reasons behind this was the 14-day relative strength index (RSI), which also failed to break out of a recent ceiling at 74.00


As of writing this, the index is now tracking at 69.48, which is slightly above support level at the 68.00 mark.


Should this floor fail to hold during today’s session, then there is a strong chance that BTC will move below $23,000. Ethereum


In addition to BTC, ethereum (ETH) also retreated from recent gains, with prices giving up a five month high.


ETH/USD surged to a peak of $1,704.46 on Thursday, which was its highest point since September 13.


However, with the NFP fast approaching, market momentum has marginally moved, with ETH falling to a low of $1,634.22 earlier in the day. ETH/USD – Daily Chart


Looking at the chart, the sell off also coincided with the RSI hovering below the 63.00 mark, which appears to be an interim point of resistance.


As of writing this, the index is tracking at 62.92, with a doji candlestick the current print on today’s chart.


This typically signals indecision, and uncertainty, with neither bears nor bulls able to capture market sentiment.


Many expect an end to this consolidation following the release of the NFP later today.


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 non-farm payrolls to come in above or below 185,000 jobs? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling MARKET UPDATES | 7 hours ago Biggest Movers: AVAX Hits Highest Point Since August, Following 17% Jump MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSouth African Retailer Pick n Pay Now Accepting Payments via BTC at All Its Stores Next articleEthereum Network’s Rising Gas Fees in 2023: A Balancing Act of Growth and Cost 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 ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Tax Agency Starts Checking Crypto Traders in Romania
Tax Agency Starts Checking Crypto Traders in Romania Authorities in Romania are going after investors who failed to report revenues from crypto trading and pay tax. The offensive i
Davos 2023: CBDCs Are the Future of Central Bank Money but They Are Still Not Ready
Davos 2023: CBDCs Are the Future of Central Bank Money but They Are Still Not Ready A World Economic Forum (WEF) panel comprised of central bankers and global tech providers has pr
Bitwise has filed an XRP ETF
Ana Paula Pereira4 hours agoBitwise has filed an XRP ETFThe crypto-focused asset manager filed the exchange-traded fund application in the state of Delaware. 3808 Total views12 Total sharesListen to article 0:00NewsOwn
Ether (ETH) price drops after Dencun upgrade, as Ethereum layer-2s experience lower transaction costs
Nancy Lubale5 hours agoEther (ETH) price drops after Dencun upgrade, as Ethereum layer-2s experience lower transaction costsHistorically, Ethereum network upgrades rarely significantly impact the price of ETH.3953 Total
SEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: Report
Brayden Lindrea7 hours agoSEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: ReportBlackRock, Franklin Templeton, and VanEck have reportedly received preliminary approval from the US securities regul
Texas Blockchain Council endorses Ted Cruz for US Senate
Turner Wright1 hour agoTexas Blockchain Council endorses Ted Cruz for US SenateThe junior senator from Texas has spoken at several crypto conferences about Bitcoin mining and its potential benefits for the Lone Star Stat
Altcoins Continue To Surge Following Trump’s Victory – More Gains Ahead?
Este artículo también está disponible en español. The crypto market has been on an uptrend following the US elections in early November. In particular, the altcoins have
Liquid Staking Platform Lido Sees Largest Daily Stake Inflow, Receives 150,000 ETH Reportedly From Tron Founder
Liquid Staking Platform Lido Sees Largest Daily Stake Inflow, Receives 150,000 ETH Reportedly From Tron Founder On Saturday, the liquid staking protocol Lido tweeted about the larg
Brayden Lindrea8 hours agoLido Finance discloses 20 slashing events due to validator config issuesThe initial impact amounted to 20 Ether, worth $31,000, while the validator involved has now been taken offline.1297 Total
Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion
Gareth Jenkinson10 hours agoBitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestionBioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network c
Auditchain Announces Mainnet Deployment of its Staking Contracts for its Pacioli Validating Nodes
Auditchain Announces Mainnet Deployment of its Staking Contracts for its Pacioli Validating Nodes press release PRESS RELEASE. Auditchain will deploy its Pacioli validating node sta
Pepe hits all-time high, memecoins soar after famous GameStop stock trader ‘returns’
Nancy Lubale45 minutes agoPepe hits all-time high, memecoins soar after famous GameStop stock trader ‘returns’Memecoins rally, and PEPE hits a new all-time high shortly after GameStop stock trader Keith Gill posts to