Bitcoin
Bitcoin (BTC) briefly surpassed the $28,000 mark on Thursday, driven by increased market volatility ahead of the nonfarm payrolls report. BTC/USD reached a peak of $28,091.86 before dropping to $27,375.60 earlier today. However, it has since rebounded and is currently trading at $27,649.56.
The retreat from yesterday’s high was due to the relative strength index (RSI) failing to sustain a surge above the key resistance level of 60.00. The RSI currently stands at 58.95, but there might be another attempt to move beyond 60.00 in the near future. If successful, bitcoin could trade above $28,000 once again.
Ethereum
Ethereum (ETH) has ended its four-day losing streak and is back in positive territory. After reaching a one-week low of $1,608 on Thursday, ETH/USD rose to a high of $1,649.13 earlier today. This recovery came after bulls reentered the market following a breakout below the $1,620 support level.
Although earlier gains have faded slightly as ethereum approached the 50.00 level on the RSI indicator, the price is currently at $1,634 with a price strength tracking at 48.93. Bulls are aiming for a short-term target of $1,700.
Hot Take: Ethereum Snaps Losing Streak as Bitcoin Retreats from $28K
Ethereum has bounced back after four consecutive days of losses, while bitcoin retreated from its brief stint above $28,000. The positive reaction to the latest nonfarm payrolls report in the United States boosted ethereum’s performance. Bitcoin’s volatility increased ahead of the report, pushing it above $28,000 temporarily. However, both cryptocurrencies faced resistance levels and saw some pullback. Bitcoin’s retreat was due to the RSI failing to sustain a surge above 60.00. Ethereum’s recovery was driven by bulls reentering the market after a support level breakout. Despite some fading gains, both cryptocurrencies remain in focus as traders monitor their movements.
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