Bitcoin holds above $80,800 as bulls target $85k ahead of NFP

Key takeaways

• Ahead of the U.S. Nonfarm Payrolls report, Bitcoin, Ethereum, and XRP extended their weekly gains on Friday.
• Bitcoin continues to trade comfortably above its 50-day, 100-day, and 200-day exponential moving averages (EMAs).
• While BTC faces overhead resistance at $85,000, its primary support zone is established between $69,696 and $72,539.

On Friday, Bitcoin, Ethereum, and XRP pushed their weekly gains higher as market participants awaited the release of the U.S. Nonfarm Payrolls (NFP) report, which is expected to serve as the next major catalyst for price direction.

Bitcoin climbed past $80,800, marking a weekly gain of more than 4%. Meanwhile, Ethereum showed renewed strength after successfully breaking and closing above its critical $2,500 resistance level. XRP also preserved a cautiously optimistic near-term outlook, building on a bounce from a key support level earlier in the week.

US employment data set to trigger crypto volatility

The upcoming U.S. jobs report is poised to shape expectations regarding the Federal Reserve’s next policy move. A stronger-than-anticipated employment figure could fuel expectations that interest rates will remain high or climb further, potentially dampening sentiment for cryptocurrencies and other risk-on assets.

On the other hand, a soft payrolls report could ease pressure on the central bank to maintain its restrictive stance, potentially driving further upside for Bitcoin, Ethereum, and XRP. Given these dynamics, market participants should prepare for heightened price swings as investors recalibrate their interest-rate outlooks in response to the data.

Bitcoin maintains strong bullish structure above crucial EMAs

Trading around $80,856 on Friday, Bitcoin preserved its highly bullish technical setup. The leading cryptocurrency remains well above its primary exponential moving averages:

• The 50-day EMA at $71,126
• The 100-day EMA at $69,696
• The 200-day EMA at $72,539

The significant gap between Bitcoin’s spot price and these moving averages confirms that the broader upward trend is highly resilient. However, this wide separation also leaves the door open for a corrective pullback if traders decide to lock in profits following the recent surge.

On the daily chart, Bitcoin’s Relative Strength Index (RSI) is hovering near 71. While an RSI above 70 indicates overbought conditions—suggesting the rally may be getting stretched—it does not guarantee an immediate trend reversal. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains positive, indicating that upward momentum is still intact. However, the momentum has slowed compared to the initial phases of the rally, hinting that buyers may be losing some steam as they approach overhead resistance.

The key near-term target for bulls is horizontal resistance near $85,000. This level could attract increased selling pressure from profit-takers and sidelined bears. A decisive daily close above $85,000 would demonstrate continued buyer dominance and likely pave the way for further expansion. Conversely, failing to break this level could lead to a period of consolidation or a brief pullback as the market digests recent gains.

On the downside, Bitcoin’s primary demand zone is anchored by its major moving averages. The 200-day EMA at $72,539 serves as the first line of dynamic support, followed by the 50-day EMA at $71,126 and the 100-day EMA at $69,696. Together, these levels form a solid support band between roughly $69,700 and $72,500. Should Bitcoin break below this cluster, subsequent horizontal support levels lie at $66,500 and $62,300. A drop below those deeper levels would significantly damage the overall bullish structure, though BTC currently remains well-supported as bulls eye a potential test of $85,000.