Bitcoin was trading lower on Thursday, ahead of tomorrow’s monthly Nonfarm Payrolls (NFP) report. The U.S. labor market has shown signs of slowing recently, following data this week indicating that job openings nationwide had fallen. Ethereum also dropped the outlook for the NFP report, which is expected to hit 250,000 jobs.
Friday’s report is expected to show an addition of 250,000 jobs to the U.S. economy in July, down from June’s figure of 372,000.
As a result, crypto traders took a risk-free approach in today’s session, with the world’s largest token dropping to a low of $22,790.66 as a result.
The move sees bitcoin once again approach its floor price of $22,600, which when broken typically sees BTCBearish /USD pushes the token towards $20,000.
So far this has not happened, and at the time of writing BTC gained slightly, trading at $22,907.09.
Price strength continues to follow its low of 53, but if it heads towards 54 or even 55, we might see a slight return to the upside.
In addition to bitcoin, Ethereum (ETH) was also back in the red as the bears pushed the token below its recent support level.
ETH/USD fell below its support point of $1,620 during today’s session as bearish pressure moved the token towards an intraday low of $1,611.62.
This low comes after Wednesday’s price rebound, which saw ETH hit a high of $1,678.10.
This comes as the 10-day moving average continues to trend upwards, signaling that the short-term momentum has yet to fully reach bearish territory.
However, that may soon change as volatility leading up to tomorrow’s report will likely continue to impact price action.
Register your email here to receive weekly price analysis updates delivered to your inbox:
Will non-farm payrolls exceed expectations of 250,000 jobs? Leave your thoughts in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.