Crypto markets down ahead of Friday’s non-farm payrolls report – Market Updates Bitcoin News
Bitcoin traded lower on Thursday, ahead of tomorrow’s monthly nonfarm payrolls (NFP) report. The US labor market has recently shown signs of slowing, after data this week reported that nationwide job openings had fallen. Ethereum also fell on the outlook for the NFP report, which is expected to come in at 250,000 jobs.
Bitcoin
After yesterday’s decline in price, bitcoin (BTC) was back in the red on Thursday as markets prepared for tomorrow’s non-farm payrolls report.
Friday’s report is expected to show an addition of 250,000 jobs to the US 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, with the world’s largest token falling to a low of $22,790.66 as a result.
The move sees bitcoin again approaching its $22,600 price floor, which when breached usually sees BTC/USD bears pushing the token towards $20,000.
So far this has not happened and at the time of writing, BTC has risen marginally and is trading at $22,907.09.
Price strength continues to track the floor level of 53, but should this move towards 54, or even 55, we could see a small upside reversal.
Ethereum
In addition to bitcoin, ethereum (ETH) was also back in the red as bears pushed the token below the recent support level.
ETH/USD fell below the $1,620 support point in today’s session, as bearish pressure moved the token to an intraday low of $1,611.62.
This low comes after Wednesday’s price rally, which saw ETH reach a high of $1,678.10.
At the time of writing, and like BTC, ethereum is once again trading above the floor, with ETH/USD currently at $1,621.47.
This comes as the 10-day moving average continues to turn higher, signaling that near-term momentum has yet to fully move into bear territory.
However, this could soon change, as volatility between now and tomorrow’s report is likely to continue to affect price action.
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Will nonfarm payrolls beat expectations for 250,000 jobs? Leave your thoughts in the comments below.
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