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Investing.com – After marking a 19-month high at $44,424 on Tuesday, the price corrected slightly on Wednesday and Thursday, falling to a low at $42,860, a limited decline that constitutes a breather that bodes well for the continuation of the increase.
However, it is important to specify that Bitcoin is at the time of writing this article the only cryptocurrency in the Top 10 to show a decline over the last 24 hours, to the tune of -1.13%.
Indeed, for its part, it has posted a gain of more than 5% since yesterday, while it has jumped by more than 9%, to cite only the two most telling examples.
As for this Friday, the fate of Bitcoin, cryptocurrencies and risk assets in general will mainly depend on the macroeconomic context, while investors await the publication of the NFP report on US job creations for the month of november.
This is indeed a closely watched statistic by the Fed, and strong numbers could challenge expectations of a rate cut for the first quarter of 2024, which would weigh on cryptocurrencies, just as this outlook has supported them these last weeks.
From a charting perspective, this week’s high at $44.40 and the $45,000 threshold combine to form an immediate resistance zone, while on the downside, yesterday’s low at $42,860 will be the first potential support.
However, we can only consider that the bullish profile visible in daily data is called into question from a return below the major psychological threshold of $40,000.
As for Ethereum, it will be recalled that the second largest cryptocurrency in terms of capitalization marked a 19-month high at $2,382 on Thursday.
At this point, the trend appears stretched, and a correction could occur. If so, the first potential support will be found around $2225, before $2135, a threshold below which the positive chart profile would begin to invalidate, putting the $2000 zone in its sights.