Bitcoin was trading Thursday ahead of tomorrow’s nonfarm payrolls (NFP) monthly report. The U.S. labor market has shown signs of slowing recently following this week’s data, which reported a decline in the number of jobs across the U.S. Ethereum also fell on the NFP report’s forecast of 250,000 jobs.
Bitcoin
After yesterday’s price rebound, Bitcoin (BTC) was back in the red on Thursday as the market prepares for tomorrow’snonfarm payrollsreport.
Friday’s report is expected to show 250,000 jobs added to the U.S. economy in July, which is lower than June’s figure of 372,000.
As a result, crypto traders took a risk-off approach in today’s session, resulting in the world’s largest token falling to a low of $22,790.66.
This move means that Bitcoin is again approaching its price bottom of $22,600. /USD bears push the token toward $20,000.
So far this has not happened and at the time of writingBTCis up slightly, trading at $22,907.09.
However, if this moves towards 54 or even 55, slight upward momentum could return.
Ethereum
In addition to Bitcoin, Ethereum (ETH) also returned to the red as bears pushed the token below recent support levels.
ETH/USD fell below the $1620 support point in today’s session, and bearish pressure moved the token to an intraday low of $1611.62.
60} This low followed Wednesday’s price rebound, withETHhitting a high; ETHreached a high of $1,678.10; ETHhit a low of $1,678.10; and ETHhit a high of $1,678.10. Ethereum is again trading on its floor and is; ETH/USD is now $1,621.47.
This indicates that short-term momentum has not yet fully moved into bearish territory, as the 10-day moving average continues to move higher.
However, this could change soon as volatility between the current and tomorrow’s reports could continue to affect price action.
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