As market uncertainty rose in advance of Friday’s Nonfarm payrolls report, Bitcoin fell below $20,000 once more. Tomorrow’s payrolls will be at 300,000. This is less than July’s 528,000. Ethereum declined as well, with the price moving away from the $1600 region.
Bitcoin ( BTC) briefly dropped below $20,000 on Thursday as crypto traders began anticipating tomorrow’s nonfarm payrolls report.
Bitcoin Price Analysis
After an additional 528,000 jobs being created in the U.S. in July, it is expected that last month’s number will increase by 300,000.
The intraday low for Bitcoin/USD was $19,862.02 just before the report, which is $500 less than yesterday’s peak of $20,390.28.
The chart shows that the 14-day relative power index (RSI), which fell below its resistance level of 37.90 on the chart, dropped to 37.00.
The trend line continues its downward trajectory and the momentum of the 10-day moving average (red) is still bearish.
If tomorrow’s payrolls report is disappointing, bitcoin could fall to its support level of $19,500.
Ethereum Price Analysis
Ethereum ( Ethereum) also fell in today’s session. The token was lower than bitcoin earlier in the day.
After a peak of $1612.36 on humpday, ETH/USD fell to a low $1,536.55 Thursday, below its floor at $1.550.
Shortly after the breakout, bulls decided to return and bought the dip. This has led prices to rebound above their support level.
As of writing, ethereum is currently tracking at $1.577.39 with the RSI at 46.69. Bulls are still targeting a resistance level at 50.00.
We could see bullish pressure increase depending on tomorrow’s jobs report. Prices could rise to not just $1,600 but even close to $1,700.
There are still signs of bears on the market that could cause a price reverse, especially as we approach the $1,625 ceiling.