
Bitcoin is again flirting with key resistance at $28,000, as crypto and traditional markets rebounded from early losses caused by stronger-than-expected U.S. employment data.
The biggest cryptocurrency by market capitalization slipped nearly 2% to $27,300 on news that the U.S. economy added 336,000 jobs in September, almost double what economists expected. The losses were short-lived, with bitcoin rebounding to just above $28,000.
The price rose 1.5% in the past 24 hours to the same level as the broader crypto market proxy, the coindesk market index.
Ether has halted its losing streak against BTC, outpacing the market and bouncing nearly 2%. The second largest cryptocurrency was up for sale at $1,650 during afternoon hours.
Both the 200-day moving average and the 200-week moving average are at about $28,000, acting as a heavy resistance for any price increase, said Rachel Lin, CEO of derivatives decentralized exchange SynFutures.
In a market report Friday, Lucas Outumuro, head of research at IntoTheBlock, said bitcoin has been acting different during the recent bond sell-off compared to last year.
The value of long-duration bonds tanked last year, causing volatility in risk assets like bitcoin, he said. As the pace of rate hikes slowed and speculation began about a Fed pivot earlier this year, long-duration bonds and BTC rallied.
Silberberg added that it was an effort to improve the situation in the region and re-establish a sense of trust.