Bitcoin traded lower on Thursday ahead of tomorrow’s monthly Nonfarm Payrolls (NFP) report. The U.S. labor market has recently shown signs of slowing following this week’s data that national job openings fell. Ethereum also fell on the outlook for the NFP report, which is expected to employ 250,000 people.
After yesterday’s price rally, Bitcoin (BTC) returned to the red on Thursday as the market prepared for tomorrow’s non-farm payrolls report.
A report on Friday showed that 250,000 jobs would be added to the US economy in July, down from 372,000 in June.
As a result, crypto traders took a risk-off approach in today’s session, which resulted in the world’s largest token dropping to a low of $22,790.66.
This move brings Bitcoin closer to the $22,600 price floor once again, and when it breaks, BTC/USD bears typically push the token to $20,000.
So far, this has not happened and BTC is slightly higher at the time of writing, trading at $22,907.09.
Price strength continues to track at the 53 lower bound, but if this moves towards 54 or 55, a slight return to momentum is possible.
In addition to Bitcoin, Ethereum (ETH) is also back in the red, with the bears pushing the token below its recent support level.
ETH/USD broke below the support point of $1,620 during today’s session, with bearish pressure moving the token to intraday lows of $1,611.62.
This low follows Wednesday’s price rally when ETH hit a high of $1,678.10.
At the time of writing, like BTC, Ethereum is once again trading above the lower bound, with ETH/USD currently at $1,621.47.
This indicates that the 10-day moving average continues to move upwards and short-term momentum has yet to fully transition into bearish territory.
However, this could change soon as the volatility between the current and tomorrow’s reports will likely continue to influence price action.
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Will non-farm payrolls surpass the forecast of 250,000 jobs? Leave your thoughts in the comments below.
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