Bitcoin traded lower on Thursday ahead of tomorrow’s monthly non-farm payrolls (NFP) report. The U.S. labor market recently showed signs of slowing after this week’s data reported that job vacancies across the country fell. Ethereum also fell on the prospect of the NFP report, which is expected to reach 250,000 jobs.
After yesterday’s price recovery, 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 the US economy added 250,000 jobs in July, down from June’s figure of 372,000.
As a result, crypto traders took a risk-averse approach in today’s session, resulting in the world’s largest token falling to a low of $22,790.66.
With this move, Bitcoin is once again nearing its $22,600 price threshold, which, when breached, usually causes BTC/USD bears to push the token towards $20,000.
So far, that hasn’t happened, and at the time of writing, BTC has seen a marginal increase, trading at $22,907.09.
Price strength continues to be retraced to its low of 53, but if this moves towards 54 or even 55, we could see a slight return of momentum to the upside.
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 $1,620 support point in today’s session as bearish pressure moved the token to an intraday low of $1,611.62.
This bottom comes after Wednesday’s price recovery, which saw ETH reach a high of $1,678.10.
At the time of writing and similar to BTC, ethereum is once again trading above its bottom, with ETH/USD currently at $1621.47.
This is happening as the 10-day moving average continues to be upside-down, signaling that near-term momentum has yet to fully transition into bearish territory.
However, this could soon change as the volatility between now and tomorrow’s report is likely to continue to impact 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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