Bitcoin holds above $80,800 as bulls target $85k ahead of NFP
Key takeaways
- Bitcoin, Ethereum and XRP extended their weekly gains on Friday ahead of the U.S. Nonfarm Payrolls report.
- BTC remains above its 50-day, 100-day and 200-day exponential moving averages.
- Bitcoin faces resistance at $85,000, while the first major support zone lies between $69,696 and $72,539.
Bitcoin, Ethereum and XRP extended their weekly gains on Friday as traders awaited the U.S. Nonfarm Payrolls report for the market's next directional catalyst.
Bitcoin traded above $80,800 after gaining more than 4% during the week. Ethereum also strengthened after breaking and closing above the important $2,500 resistance level.
XRP maintained a cautiously bullish near-term outlook after rebounding from a key support level earlier in the week.
US jobs report could drive crypto volatility
The U.S. Nonfarm Payrolls report could influence expectations for the Federal Reserve's next monetary policy decision.
A stronger-than-expected employment report may reinforce expectations that interest rates will remain elevated or rise further, potentially weighing on cryptocurrencies and other risk assets.
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