Crypto Markets Lower Ahead of Friday’s Non-Farm Payrolls Report – Market Update Bitcoin News

Bitcoin traded lower on Thursday, ahead of tomorrow’s Non-Farm Payrolls (NFP) report. The US labor market recently showed signs of slowing, after data released this week on job losses nationwide. Ethereum also fell short of the NFP report forecast, which is expected to come in at 250,000 jobs.

Bitcoin

After yesterday’s price bounce, Bitcoin (BTC) returned to the red on Thursday, as markets prepared themselves for tomorrow’s Non-Farm Payrolls report.

Friday’s report is expected to show that 250,000 jobs were added to the US economy in July, down from June’s figure of 372,000.

As a result, crypto traders took a risk-averse approach in today’s session, with the world’s largest token dropping to as low as $22.790.66 as a result.

Bitcoin and Ethereum Technical Analysis: Crypto Markets Lower Ahead of Friday's Non-Farm Payroll Report
BTC/USD – daily chart

The move sees Bitcoin once again approach its bottom price at $22,600, which when broken would typically see BTC/USD bears pushing the coin towards $20,000.

This has not happened yet, and as of this writing, BTC has gained slight gains, trading at $22,907.09.

Price strength continues to track at its bottom at 53, but if this moves towards 54 or even 55, we could see a slight return of bullish momentum.

Ethereum

In addition to Bitcoin, Ethereum (ETH) is also back in the red, with bears pushing the coin below its recent support level.

ETH/USD dropped below the support point at $1,620 in today’s session, as bearish pressure pushed the coin to an intraday low of $1,611.62.

The decline comes after a price bounce on Wednesday, which saw ETH reach a high of $1,678.10.

Bitcoin and Ethereum Technical Analysis: Crypto Markets Lower Ahead of Friday's Non-Farm Payroll Report
ETH/USD – daily chart

As of this writing, similar to BTC, Ethereum is once again trading above its bottom, with ETH/USD currently at $1,621.47.

This comes as the 10-day moving average continues to face the upside, indicating that the short-term momentum has not yet fully moved into the bearish territory.

However, this may change soon, as volatility between now and tomorrow’s report will likely continue to influence price action.

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Will Nonfarm Payrolls Beat Expectations of 250,000 Jobs? Put your thoughts in the comments below.

Eliman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




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