Bitcoin Consolidates Ahead of NFP Report
Bitcoin (BTC) continued to trade near a key resistance level as it awaits the upcoming U.S. nonfarm payrolls (NFP) report. The price of BTC reached a high of $27,875.59 before retreating slightly. Bulls were unable to break through the resistance at $27,900. The relative strength index (RSI) is currently at 60.21, just below a ceiling at 63.00. If the decline continues, BTC’s price could find support at 58.00.
Ethereum Slips for Fourth Consecutive Day
Ethereum (ETH) experienced its fourth straight day of losses as it approached a recent support level. After reaching a high of $1,654.43 on Wednesday, ETH dropped to an intraday low of $1,632.72 today. The RSI also dipped below its support level at 50.00 and is currently reading 49.24. Sellers in the market may target a lower level at 44.00.
Hot Take: Bitcoin and Ethereum Face Resistance Levels
Bitcoin and Ethereum are both facing significant resistance levels as they consolidate and await the release of the U.S. NFP report. BTC has struggled to break through the $27,900 mark, while ETH is approaching a support level at $1,620. These key levels will likely determine the direction of these cryptocurrencies in the short term.
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