Bitcoin prices fell on Thursday ahead of Friday’s monthly nonfarm payrolls (NFP) report. The labour market in the United States has recently begun to show signs of slowing down. Ethereum also fell in anticipation of the NFP data, which is expected to show a 250,000 job increase.
After a price recovery on Wednesday, Bitcoin (BTC) was back in the red on Thursday as investors prepared for Friday’s nonfarm payrolls report.
The data set to be released on Friday is expected to reveal that the U.S. economy added 250,000 jobs in July, down from 372,000 in June.
Because of the risk-off stance taken by cryptocurrency traders today, the leading token fell to a low of $22,790.66. The move brings bitcoin back up to its $22,600 price floor, which, if broken, will make the BTC/USD bears push the coin toward $20,000.
Ethereum, like Bitcoin, also experienced a price reversal as bears pushed the token below a previous support level. Yesterday’s session saw ETH/USD drop below its $1,620 support level as negative pressure pushed the coin to an intraday low of $1,611.62.
This low came after ETH’s price recovery on Wednesday when it hit a high of $1,678.10. At the time of writing, ETH/USD is currently trading at $1,657.28, and, like BTC, Ethereum is once again trading above its floor.
At the time, the 10-day moving average was still pointing upward, indicating that the short-term momentum had not completely shifted into bear territory. This may soon change, as volatility will likely influence price movement until after Friday’s news.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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