Following two consecutive sessions of declines, cryptocurrencies rebounded on Friday, as markets prepared for the first non-farm payrolls of the year.On the first Friday of each month, non-farm payrolls in the United States are released, and this typically sees an increase in market volatility, across all asset classes.
The world’s largest cryptocurrency, bitcoin, which fell to an intraday low of $36,388.14 during yesterday’s session, was up nearly 5% today, potentially benefiting from this volatility./USD hit an intraday high of $38,139.66 on Friday, as both traders and investors seem to have bought Thursday’s dip.
As a result, the 14-day RSI held its support of 35, which initially appeared to be broken, and this indicator has now surged beyond resistance of 40, and tracks at 41.4.As described earlier this week, bitcoin looks as though it is consolidating after selloffs in December and January, with many still anticipating either a break from support or resistance, to trigger the next sizable price swing.
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It is good that such indicators reflect the mood of traders.
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