Ethereum surpassed $1,700 and Bitcoin fell for a seventh day in a row on Friday, with the price rebounding in today’s session. The move comes ahead of this afternoon’s payroll report, which he expects to show 250,000 jobs were added to the US economy in July.
Ahead of the non-farm payrolls report, Bitcoin (BTC) returned to green on Friday as the token rebounded following its recent decline.
Following a low of $22,485.70 in Thursday’s session, BTC/USD climbed to a peak of $23,354.13 earlier in the day.
The move came as Bitcoin bulls helped the price bounce off the critical support point of $22,600 after an earlier false breakout.
Despite today’s surge, BTC has fallen 2.30% over the past 7 days, with the price falling in consecutive sessions.
This has pushed the 14-day RSI (Relative Strength Index) below the support point of 53 to a low of 50.95. This was also the interim lower bound.
At the time of writing, price strength has passed this point and is currently tracking 56.80 with a 61 ceiling awaiting.
Ethereum (ETH) also rallied on Friday, pushing the price above $1,700, wiping out the decline from the last two days of trading in the process.
At the time of writing, the world’s second largest cryptocurrency peaked at $1,708.98 during today’s session as the bull market re-entered the market.
The move came within 24 hours of ETH trading at a low of $1,585.33 following recent downward pressure.
ETH seems to have dealt with this pressure so far, changing momentum following today’s bullish entrainment pattern.
If the trend continues, the bulls’ next target is likely to be a resistance level near $1,800, which was last hit on July 28.
For this to happen, the price strength needs to rise to the 66 ceiling. At the time of writing, the RSI is tracking 63.85.
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