{"id":25159,"date":"2022-08-06T21:09:39","date_gmt":"2022-08-06T21:09:39","guid":{"rendered":"http:\/\/egrowonline.com\/?p=25159"},"modified":"2022-08-06T21:09:39","modified_gmt":"2022-08-06T21:09:39","slug":"btc-eth-consolidate-to-start-the-weekend-market-updates-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=25159","title":{"rendered":"BTC, ETH Consolidate to Start the Weekend \u2013 Market Updates Bitcoin News"},"content":{"rendered":"


\n<\/p>\n

\n
\n<\/header>\n
\n\"\"\n<\/div>\n

Bitcoin was consolidating above $23,000 to start the weekend, as traders continue to react to yesterday\u2019s nonfarm payrolls figure. It was confirmed that 528,000 jobs were added to the U.S. economy in July, which helped boost crypto prices. Ethereum consolidated on Saturday, after reentering the $1,700 region yesterday.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) was consolidating Friday\u2019s gains to start the weekend, as traders continued to respond to July\u2019s nonfarm payrolls report.<\/p>\n

Following the release of the data, BTC<\/a>\/USD surged to an intraday peak of $23,422.83 on Friday. However, this sentiment has somewhat faded, with prices falling to a low of $22,800.36 today.<\/p>\n

This move comes as bitcoin bulls opted to secure earlier gains by liquidating their positions, as prices moved closer to a recent point of uncertainty.<\/p>\n

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

Looking at the chart, this area is the $23,500 level, which in recent weeks has been an area where bears typically overpower bulls.<\/p>\n

As a result of this, bulls have so far abandoned their positions in hopes of evading this uncertainty, however as the weekend progresses, we may see some decide to return.<\/p>\n

As of writing, BTC<\/a> is trading at $23,173.40, and as we move closer to this price ceiling, the chances of a breakout will also increase.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) also consolidated on Saturday, with traders nervous as prices moved closer to a key resistance level.<\/p>\n

The world\u2019s second-largest cryptocurrency moved to a low of $1,661.86 earlier in today\u2019s session.<\/p>\n

However, as the day progressed, ETH<\/a>\/USD rallied, and as of writing, is currently trading around the $1,714 region.<\/p>\n

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

As seen on the chart, yesterday\u2019s decline came as ETH<\/a> neared a ceiling of $1,780, with price strength also encountering a resistance of its own.<\/p>\n

The 14-day relative strength index (RSI) is currently tracking at 62.80, after failing to break out of its ceiling of 65 on Friday.<\/p>\n

This was one of the catalysts to send ETH<\/a> lower, and should bulls reenter with significant force, this will be their first obstacle to conquer.<\/p>\n

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

Will bullish momentum return to ethereum this weekend? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nEliman Dambell <\/h6>\n

\nEliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

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

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n