• Bitcoin (BTC) moved closer to the $17,000 level as traders reacted to the latest U.S. nonfarm payrolls (NFP).
• Ethereum (ETH) also moved higher, with prices nearing a three-week high.
• Technical indicators suggest that the bullish momentum is likely to continue in the short-term.
The weekend has started off with a bang for cryptocurrency traders, as Bitcoin (BTC) and Ethereum (ETH) both surged in response to the latest U.S. nonfarm payrolls (NFP) data. December’s payrolls came in at 223,000, which was better than the 200,000 markets had expected. In response to this, BTC/USD surged to a peak of $16,991.99 to start the weekend, hovering close to a three-week high in the process.
The technical analysis for BTC/USD shows a bullish picture, with the 10-day (red) moving average closing in on a crossover with its 25-day (blue) counterpart. This, as the 14-day relative strength index (RSI) also rallied, climbing above a key resistance point at 50.00 Currently, the index is tracking at 52.24, with the next visible ceiling at the 55.00 mark, which is likely where bulls are targeting.
For Ethereum (ETH), prices moved gradually closer to $1,300, following a low of $1,240.95. ETH/USD raced to an intraday high of $1,273.22, which is its highest point since December 17. Today’s move came as an upwards crossover of moving averages has recently occurred, with the 10-day (red) trend line moving higher versus the 25-day (blue) line. This is typically seen as a sign of current and future bullish momentum, and traders are likely to continue to take advantage of the current bullish trend in the short-term.