Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum declined as well, with the price moving away from $1,600.
Bitcoin
Bitcoin (BTC) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report.
Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000.
Ahead of the report BTC/USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28.
The chart shows that the relative strength indicator (RSI), which measures 14-day relative strengths, fell below the resistance level of 37.90 and now tracks at 37.00.
Bearish momentum continues on the 10-day (red-colored) moving average, and the trend line maintains its downward trajectory.
Should tomorrow’s payrolls report disappoint, then we could see bitcoin fall towards its recent support level at $19,500.
Ethereum
Like bitcoin, ethereum (ETH) was also lower in today’s session, as the token fell below $1,600 earlier in the day.
Following an intraday high of $1612.36, ETH/USD declined to a low $1,536.55 (Thursday), falling below the floor of $1.550.
Shortly after the breakout bulls decided to buy the dip and return. This has pushed prices higher than this support level.
As of this writing, ethereum was trading at $1,577.39 with the RSI at 46.69. Bulls are still targeting a resistance level at 50.00.
Depending on the sentiment of tomorrow’s jobs report, we could see bullish pressure intensify, sending prices above not only $1,600, but close to $1,700.
There are signs that the market is still bearish, and this could cause a price reverse, particularly as we approach the $1,625 ceiling.
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