Key Points
- Cryptocurrency prices look set to end the week near highs despite strong US jobs data underpinning Fed tightening expectations.
- Bitcoin was last trading just above $21,500, while Ethereum found support above $1,200.
- The Coinbase Bitcoin premium returned to positive territory again on Friday, suggesting a recovery in institutional demand.
Crypto Bulls Remain in Control
Amid impressive resilience in US stock markets in the face of the latest strong US jobs report and other US data this week that has pointed to resilience in the US economy, cryptocurrency prices remain near-weekly highs. Some analysts had been hoping for data this week to show a weakening of the US economy that might deter the Fed from tightening so aggressively.
But despite the strong data, crypto bulls remain in control. Though flat on Friday just above $21,500, Bitcoin is currently on course to post a weekly gain of over 12%. That would mark its best weekly performance since late March.
The cryptocurrency hit more than three-week highs in the mid-$22,000s on Friday. Analysts said technical momentum helped the world’s largest cryptocurrency this week following a bullish pennant breakout.
Meanwhile, the world’s second-largest cryptocurrency by market capitalization Ethereum found support above $1,200 on Saturday. ETH/USD is eyeing another run at resistance in the $1,280 area. The cryptocurrency is currently on course to post a weekly gain of roughly 14%. As with Bitcoin, that would mark Ethereum’s best weekly performance since March. Are you buying during the dip?
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