BTC falls from recent high, ahead of US non-farm payrolls – market updates

Bitcoin retreated from a six-month high on February 3 as bears re-entered the market ahead of today's US Non-Farm Payrolls (NFP) report. After a move above $24,000 on Thursday, sentiment changed as traders prepared for the crucial report expected to arrive at 185,000. Ethereum was also in the red, giving up a five-month high in the process.

Bitcoin

Bitcoin ( Bitcoin ) fell lower on Friday as market volatility increased ahead of the latest US non-farm payrolls (NFP) report.

After hitting a high of $24,091.54 on Thursday Bitcoin /USD fell to an intraday low of $23,390.38 today.

Fridays fall comes as Bitcoin Bulls were unable to sustain a breakout above a key resistance level at $24,000.

One of the reasons for this was the 14-day relative strength index (RSI), which also failed to break a recent ceiling of 74.00

As of this writing, the index is now tracking 69.48, slightly above the support level at 68.00.

If this floor does not hold during today's session, there is a strong chance that it will Bitcoin will be under $23,000.

ether

In addition to Bitcoin ether ( ETH ) also retreated from recent gains, with prices giving up a five-month high.

ETH /USD rose to a high of $1,704.46 on Thursday, which was the highest since September 13.

However, with the NFP fast approaching, market dynamics have shifted slightly ETH fell to a low of $1,634.22 earlier in the day.

Looking at the chart, the sell-off also coincided with the RSI hovering below the 63.00 level, which appears to be an interim resistance point.

At the time of writing, the index is at 62.92 with a Doji candle showing the current pressure on today's chart.

This typically signals indecision and uncertainty as neither bears nor bulls are able to capture market sentiment.

Many expect this consolidation to end following the release of the NFP later today.

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Do you expect non-farm payrolls to be above or below 185,000 jobs? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. He was previously a brokerage director and online trading instructor. He currently serves as a commentator on various asset classes including crypto, stocks and forex, while also being the founder of a startup.

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