Bitcoin was trading lower on Thursday, ahead of tomorrow’s monthly nonfarm payrolls (NFP) report. Recent signs that the U.S. labor markets are slowing have been reported by data released this week, which showed that there were fewer job openings nationwide. Ethereum dropped also on the possibility of NFP reports, which are expected to reveal 250,000 jobs.
Bitcoin
After yesterday’s rebound in price, bitcoin (BTC) was back in the red on Thursday, as markets prepared themselves for tomorrow’s nonfarm payrolls report.
It is expected that Friday’s report will show an addition of 250,000 jobs to the U.S. economy in July, which is lower than June’s figure of 372,000.
As a result of this, crypto traders took a risk-off approach in today’s session, with the world’s largest token falling to a low of $22,790.66 as a result.
This move will see bitcoin again reach its $22,600 price floor. If broken, it usually leads to BTC/USD bears pushing the token toward $20,000.
So far this hasn’t happened, and as of writing BTC has marginally gained, trading at $22,907.09.
The floor at 53 is where the price strength remains. However, if this moves to 54 or 55 we might see a slight upward momentum.
Ethereum
Ethereum (ETH), in addition to bitcoin was back on the red as bears moved the token below the support level.
ETH/USD fell below its support point of $1,620 in today’s session, as bearish pressure moved the token to an intraday low of $1,611.62.
This low comes following Wednesday’s rebound in price, which saw ETH reach a high of $1,678.10.
At the time of writing, ethereum was trading at a level similar to BTC. ETH/USD is currently at $1621.47.
As the 10-day moving mean continues to move upwards, it signals that short-term momentum hasn’t yet fully moved into bear territory.
However, this could soon change, as volatility between now and tomorrow’s report will likely continue to impact price action.
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Are nonfarm payrolls more than 250,000 jobs expected? Please leave your comments.
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