Bitcoin and Ethereum Surge on NFP Data, Reach Three-Week Highs

• Bitcoin (BTC) moved closer to the $17,000 level on Saturday, as traders continued to react to the latest U.S. nonfarm payrolls (NFP).
• Ethereum (ETH) also moved higher to start the weekend, with prices moving gradually closer to $1,300.
• BTC/USD surged to a peak of $16,991.99 to start the weekend, hovering close to a three-week high in the process, while the ETH/USD raced to an intraday high of $1,273.22, which is its highest point since December 17.

The weekend started off with a bang for Bitcoin and Ethereum as both digital currencies surged in response to the December nonfarm payrolls (NFP) data, which came in better than expected at 223,000, 23,000 higher than what the markets had predicted. Bitcoin (BTC) moved closer to the $17,000 level, with the BTC/USD pair reaching a peak of $16,991.99, hovering close to a three-week high. The rally was backed by a 10-day (red) moving average closing in on a crossover with its 25-day (blue) counterpart, while 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.

Ethereum (ETH) also had a strong showing, with prices moving 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. This move came as an upwards crossover of moving averages had recently occurred, with the 10-day (red) trend line moving higher versus the 25-day (blue) line.

The positive sentiment among traders was further supported by the U.S. Federal Reserve’s decision to increase interest rates by less than expected, providing further support to the bullish momentum that is currently driving both digital currencies. The market is now waiting to see if the current momentum can be sustained, or if there will be a correction in the near future as investors become cautious.