by Eliman Dambell
Bitcoin was trading lower on Thursday, ahead of tomorrow’s monthly nonfarm payrolls (NFP) report. The U.S. labor market has recently shown signs of slowing, following data this week reporting that nationwide job openings had fallen. Ethereum also dropped on the prospect of the NFP report, which is expected to come in at 250,000 jobs.
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.
The move sees bitcoin once again approach its price floor of $22,600, which when broken, usually sees BTC/USD bears push the token towards $20,000.
So far this hasn’t happened, and as of writing BTC has marginally gained, trading at $22,907.09.
Price strength continues to track at its floor of 53, however should this move towards 54, or even 55, we could see slight upside momentum return.
In addition to bitcoin, ethereum (ETH) was also back in the red, as bears pushed the token below its recent 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.
As of writing, and similar to BTC, ethereum is once again trading above its floor, with ETH/USD currently at $1,621.47.
This comes as the 10-day moving average continues to be upwards facing, signaling that momentum in the short-term has yet to fully move 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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Will nonfarm payrolls beat expectations of 250,000 jobs? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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