Bitcoin remained above $80,800 on Friday as traders positioned for a potential test of the $85,000 resistance level. The cryptocurrency had gained more than 4% during the week, while Ethereum and XRP also extended their weekly advances ahead of the U.S. Nonfarm Payrolls report.
The employment data is expected to influence market expectations for the Federal Reserve’s next monetary policy decision. A stronger-than-expected reading could reinforce expectations that interest rates will remain high or rise further, potentially pressuring cryptocurrencies and other risk assets. Weaker employment figures could reduce pressure on the Fed to maintain a hawkish stance, offering additional support to the market.
Bitcoin remains above major moving averages
Bitcoin was trading at approximately $80,856 and remained above its 50-day, 100-day and 200-day exponential moving averages. Those averages stood at $71,126, $69,696 and $72,539, respectively, leaving the broader bullish structure intact.
However, the wide gap between the current price and these trend indicators also leaves room for a pullback if traders begin taking profits. Bitcoin’s daily Relative Strength Index was near 71, placing it above the level commonly associated with overbought conditions. That reading does not guarantee an immediate reversal, but it suggests the recent rally may be becoming extended.
The Moving Average Convergence Divergence indicator remained positive, indicating that bullish momentum was still present. Momentum appeared less forceful than during the earlier part of the advance, though, which could signal some loss of strength as Bitcoin approaches resistance.
$85,000 marks the next major test
A sustained daily close above $85,000 could indicate that buyers remain in control and open the way to further gains. If Bitcoin fails to clear that level, the market could consolidate or experience a short-term pullback as traders absorb the recent move.
On the downside, the three major moving averages create a support area between roughly $69,700 and $72,500. The 200-day EMA at $72,539 is the highest of the three, followed by the 50-day EMA at $71,126 and the 100-day EMA at $69,696.
A break below that support zone would bring the $66,500 and $62,300 levels into focus. Falling beneath those deeper supports would significantly weaken Bitcoin’s broader bullish structure. For now, the asset remains positioned above key support while traders await the jobs report and a possible move toward $85,000.
