Leading Cryptocurrencies Gained on Sunday as Investors Set Aside Concerns That Monetary Easing Policies Will be Impacted Due to the Blowout Jobs Report

Leading cryptocurrencies gained on Sunday evening as investors appeared to set aside concerns that strong jobs data will impact plans for monetary easing.

Bitcoin (CRYPTO: BTC) gained to $95,740 at press time, capping off a choppy day for the world's leading cryptocurrency. The asset fluctuated largely between $94,000 and $95,000 for much of the weekend before breaking out to the upside.

Bitcoin began the week of Jan. 23 with a strong rally to $102,000, but the asset quickly sold off and began trading in a choppy pattern.

Bitcoin's strong price action comes as traders liquidated $149.81 million in cryptocurrency long and short positions over the last 24 hours. Of the total liquidations, $100 million were long positions.

A further drop to $90,000 would liquidate $417 million in long positions.

Cryptocurrency trader and analyst TechDev noted that the Bitcoin market structure is "bullish" and that a sell-off to $88,000 would be optimal.

"Optimal scenario for me: Get stopped out around $88k, then continue to new highs. If we go lower, I'll be watching for signs of weakness."

Relative strength index (RSI) showed strength in the Азии session, but it sold off into the evening as Bitcoin moved lower from $95,000. A drop to $90,000 saw RSI begin to show signs of weakness.

Related Link: Attention Cryptocurrency Traders: Here Are The Top Gainers And Losers For Jan. 29

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