{"id":15104,"date":"2022-12-03T13:00:27","date_gmt":"2022-12-03T13:00:27","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-consolidates-to-start-the-weekend-market-updates-bitcoin-news\/"},"modified":"2022-12-03T13:00:27","modified_gmt":"2022-12-03T13:00:27","slug":"btc-consolidates-to-start-the-weekend-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-consolidates-to-start-the-weekend-market-updates-bitcoin-news\/","title":{"rendered":"BTC Consolidates to Start the Weekend \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin was consolidating to start the weekend, as prices once again fell below $17,000. The move comes as traders continued to digest the latest U.S. nonfarm payrolls report. Ethereum was also marginally lower in today\u2019s session, with price dropping below a key resistance point.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) was consolidating to start the weekend, following the U.S. nonfarm payrolls (NFP) report.<\/p>\n

Figures yesterday showed that 263,000 jobs were added to the American economy, better than the 200,000 markets had expected.<\/p>\n

This rise in jobs has left cryptocurrency markets unsure on what the Federal Reserve will do in its next policy meeting.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

BTC<\/a>\/USD slipped to a low of $16,877.88 following the news, which is lower than Friday\u2019s peak of $17,116.04.<\/p>\n

The 14-day relative strength index (RSI) has also slipped, now tracking at 52.16, which is close to a floor of 52.00.<\/p>\n

Despite this, the 10-day (red) moving average has now fully crossed over its 25-day (blue) counterpart, which appears to be a signal of upcoming bullish momentum.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) was also in the red on Saturday, as the price of the world\u2019s second largest cryptocurrency fell below a key resistance point.<\/p>\n

Following a high of $1,299.84 on Friday, ETH<\/a>\/USD fell to a low of $1,275.09 earlier in today\u2019s session.<\/p>\n

This drop sees ethereum move below its recent ceiling at the $1,285 level, despite a recent upwards crossover of the 10-day (red) and 25-day (blue) moving averages.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, today\u2019s drop came as the RSI fell below its long-term support point at 51.70. It is now tracking at 51.42, as of writing.<\/p>\n

Traders still seem to be optimistic about a potential move above $1,300, however, the RSI will likely need to surge beyond the 52.00 mark.<\/p>\n

Should this happen, and the momentum of the moving average climb higher, then we could see ETH<\/a> move towards a ceiling of $1,370.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Could we see ethereum hit $1,370 this weekend? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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