Cryptos on the rise amid increased risk-on sentiment
Significant improvement in market moods could be spotted during today's session as investors assessed a mixed US jobs report that may lead toward a smaller Fed hike in December despite Powell's hawkish tone. As a result US indices bounced off recent lows and the dollar depreciated. Risk-on moods could also be spotted on the crypto market, where Bitcoin managed to break above psychological resistance at $21,000. Other major cryptocurrencies are also recording solid gains - Ethereum and Cardano rose over 7.0% and Ripple jumped 9.0%.
Bitcoin's price bounced off major support around $ 20,000, which is marked with previous price reactions and a 100-period moving average. During today's session the most popular cryptocurrency managed to break above $ 21,000 level and set a new local high. Nevertheless buyers struggle to push the price above the upper limit of the ascending channel. As long as the price sits below, another downward impulse may be launched. Source: xStation5
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