Cryptocurrencies have been relatively stable today, with Bitcoin and Ethereum both settling in narrow ranges. Global crypto market capitalization decreased by 0.32% over the day, while total 24-hour trading volume rose by 22.94%. The DeFi volume currently stands at $1.9 billion, while the total volume of all stablecoins is at $26.09 billion.
The US Nonfarm Payrolls report due today is likely to bring some insight into the tightness of the labor market and its effect on inflation and the future of the Federal Reserve’s monetary policy decisions. Economists expect the report to show that 200,000 new jobs were created in December, with the unemployment rate standing at 3.7% – the lowest level in 50 years.
Bitcoin Price
Bitcoin is trading at $16,755, with a 24-hour trading volume of $13 billion. The price has yet to break the $16,930 double top resistance level, which could result in a drop to the $16,775 support area. The 4-hour chart is showing an upward rate channel, though the close below $16,775 could trigger a correction.
A successful break above the $16,775 level could result in a buying trend, with the next resistance level being set at $16,930.
Ethereum Price
Ethereum is currently trading at $1,247 with a 24-hour trading volume of $3.8 million. The ETH/USD pair has been unable to break above the $1,260 level, with the Doji candle close below this level signaling a weaker uptrend. The 38.2% Fibonacci Retracement Support is set at $1.245, while the 61.8% mark is at $1230.
