• Bitcoin (BTC) moved closer to the $17,000 level to start the weekend, as traders continued to react to the latest U.S. nonfarm payrolls (NFP) data.
• Ethereum (ETH) was also higher on Saturday, with prices nearing a three-week high.
• The 10-day (red) moving average closed in on a crossover with its 25-day (blue) counterpart, while the 14-day relative strength index (RSI) also rallied, climbing above a key resistance point at 50.00
The weekend trading session saw the crypto market rally, with Bitcoin and Ethereum both surging higher. Bitcoin moved closer to the $17,000 level, driven by the release of the US nonfarm payrolls (NFP) data. The December payrolls came in at 223,000, which was better than the 200,000 markets had expected, and traders reacted positively to this news.
On the technical side, Bitcoin saw an upwards crossover of moving averages, with the 10-day (red) trend line moving higher versus the 25-day (blue) line. This, coupled with the 14-day relative strength index (RSI) rallying, and climbing above a key resistance point at 50.00, suggested bullish momentum for the cryptocurrency.
Meanwhile, Ethereum was also higher on Saturday, with prices nearing a three-week high. The 10-day (red) moving average closed in on a crossover with its 25-day (blue) counterpart, and the 14-day relative strength index (RSI) also rallied. This suggested that the buying pressure was strong, and the cryptocurrency was on track to potentially break through the $1,300 level.
Overall, the weekend session showed that the bullish sentiment in the market was strong, and the two major coins were likely to continue their upswing. With traders reacting positively to the US NFP data, and technical indicators suggesting further upside, this could be the beginning of a new rally in the cryptocurrency market.