• Bitcoin (BTC) retreated from a recent high, falling lower ahead of the U.S. non-farm payrolls (NFP) report on Feb. 3.
• Ethereum (ETH) also fell from its five month peak, as market volatility increased in anticipation of the NFP release.
• Both Bitcoin and Ethereum were unable to break out of key resistance levels, with the 14-day relative strength index (RSI) failing to breach 74.00 and 63.00 respectively.
Bitcoin Retreats Ahead of US Non-Farm Payrolls Report
Bitcoin (BTC) saw its price retreat from a six month high on Feb 3rd, as bears reentered the market ahead of today’s US non-farm payrolls (NFP) report which is expected to come in at 185,000 jobs. Following a move above $24,000 level on Thursday sentiment shifted as traders prepared for the pivotal report which could shake up market sentiment significantly if results come in higher or lower than expected.
Ethereum Also Falls From Five Month Peak
Ethereum was also hit by bearish pressure giving up a five month peak in the process as well as ETH/USD dropping to an intraday low of $1,634 earlier today after surging to a peak of $1,704 the day before which was its highest point since September 13th 2020.
14 Day Relative Strength Index Indicates Market Consolidation
The 14-day relative strength index (RSI), failed to break out of an established ceiling at 74 indicating that BTC bulls were unable to sustain their breakout while Etherum’s RSI failed to break out at 63 signaling indecision between buyers and sellers with neither side being able capture control over market momentum yet .
Non-Farm Payroll Results Could Shake Up Market Sentiment
The highly anticipated US non-farm payrolls result are due later today and could shape crypto markets should it come out higher or lower than expected . The same is true for other indices such has unemployment rate , hourly earnings etc .