Bitcoin and Ethereum consolidate to start the weekend

Bitcoin is consolidating above $23,000 to start the weekend as traders continue to react to yesterday’s US jobs number. It has been confirmed that 528,000 jobs were added to the US economy in July, which helped boost crypto prices. Ethereum consolidated on Saturday, after re-entering the $1,700 region.

Bitcoin

Bitcoin was consolidating Friday’s gains to start the weekend as traders continued to react to July’s US jobs report.

After the data was released, BTC surged to an intraday high of $23,422.83 on Friday. However, that sentiment has faded somewhat, with prices falling to lows of $22,800.36 today.

The move comes as bitcoin bulls opted to secure earlier gains by liquidating positions as prices moved closer to a recent point of uncertainty.

BTC – Daily Chart

Looking at the chart, that area is the $23,500 level, which for the past few weeks has been an area where bears typically get the upper hand over bulls.

As a result, bulls have so far dumped their positions in hopes of evading this uncertainty, however, as the weekend progresses, we may see some decide to return.

Bitcoin is currently trading at $23,173.40, and as we get closer to this price cap, the chances of a breakout will also increase.

Ethereum

Ethereum also consolidated on Saturday, with traders nervous as prices approached a key resistance level. The second largest cryptocurrency hit a low of $1,661.86 earlier in today’s session.

However, as the day progressed, ETH rallied and currently it is trading around $1,714.

Bitcoin and Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend
ETH

As can be seen from the chart, yesterday’s decline occurred when ETH approached a high of $1,780, with price strength also encountering resistance of its own.

The 14-day Relative Strength Index (RSI) currently sits at 62.80, after failing to breach its high of 65 on Friday.

This is one of the catalysts that sent ETH on and if the bulls return with significant strength, this will be their first hurdle to clear.

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