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Home Bitcoin News

Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report – Market Updates Bitcoin News

Crptoz by Crptoz
July 8, 2022
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Ahead of the latest non-farm payrolls report, bitcoin hit a multi-week high of over $22,000 on Friday. The coin climbed to its highest level in three weeks, while ETH also surged, lifting above $1,200 for the first time in nearly two weeks.

Bitcoin

BTC hit a three-week high on Friday as the market is expected to release its latest non-farm payroll report.

After hitting a low of $20,382.89 on Thursday, BTC/USD reached an intraday peak of $22,314.94 earlier today.

The move saw bitcoin climb to its highest point since June 16, when the price was declining from the $30,000 area.

BTC/USD – Daily Chart

Earlier gains have turned lower, as bitcoin is now tracking $21,581.56, as the price was unable to break the $22,070 resistance point.

This comes as a sealing of 48.50 was also held on the 14-day RSI indicator, with the bulls deciding to exit their positions at that point of time.

If BTC is to continue its rally over the weekend, relative strength must first rise above this current barrier.

Ethereum

The world’s second largest crypto token was also in the green during today’s session, as prices traded at multi-week highs.

ETH/USD was at a high of $1,262.89 on Friday, its highest price since June 26.

Similar to BTC, today’s move saw ETH climb above a key $1,260 resistance point, which has been an area of ​​uncertainty in recent weeks.

ETH/USD – Daily Chart

Since reaching that high, the price has dropped, and as of writing, Ethereum is trading at $1,227.74.

Although the price is trading slightly lower now, the coin is still up 3.55% from yesterday’s low of $1,181.12.

Another similarity with the bitcoin analysis above is that the 14-day RSI has also hit a ceiling here, and we can see ETH falling back towards the $1,100 area until we look beyond this point. will see.

Do you expect an increase in bullish sentiment this weekend? Give your thoughts in the comment below.

alimon dumbbell

Having worked as a Brokerage Director, Retail Trading Educator and Market Commentator in Crypto, Stocks and FX, Elliman brings an eclectic approach to market analysis.

image credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com 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 alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

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