In anticipation of the upcoming US nonfarm payrolls (NFP) report, Bitcoin experienced a decline below the $30,000 level. The report, scheduled for today, follows the previous report which saw a significant increase of 497,000 private sector jobs, surpassing expectations. This time, the projected NFP figure is 225,000. Meanwhile, Ethereum reached its lowest point in a week.
Bitcoin (BTC) saw a drop to a one-week low before the impending release of the US nonfarm payrolls report.
The expected payrolls for June are estimated at 225,000, lower than the 339,000 jobs added in the previous month.
Speculation suggests that a robust NFP result will likely result in the Federal Reserve raising interest rates later this month.
BTC/USD reached a low of $29,777.28 during the session, marking the lowest point since the previous Friday when the price fell to $29,417.
This selling pressure coincided with a significant decline in the 14-day relative strength index (RSI), reaching a floor at the 55.00 level.
Additionally, the 10-day moving average (red) has changed direction and now appears to be on a downward trend.
In today’s trading session, Ethereum (ETH) also experienced a substantial decline, falling below the $1,900 threshold for the first time since the end of June.
Following a high of $1,917.61 on Thursday, ETH/USD dropped to an intraday low of $1,832.03 earlier today.
This represents the lowest point for ETH since June 30, when the price encountered support at $1,820.
Ethereum chart by TradingView
ETH has since rebounded from the earlier low and is currently trading at $1,862.52, as buyers seem to have seized the opportunity to buy the dip.
The RSI found support at 47.00 and has currently climbed to 49.86.
The next notable resistance level appears to be at 53.00, and if reached, Ethereum could potentially approach $1,890.
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Share your thoughts on whether you anticipate the NFP to exceed expectations in the comments below.
Frequently Asked Questions (FAQs) about crypto market
Q: What caused the drop in Bitcoin and Ethereum prices?
A: The decline in Bitcoin and Ethereum prices can be attributed to the anticipation of the upcoming US nonfarm payrolls report, which created market uncertainty and prompted selling pressure.
Q: What is the projected nonfarm payrolls figure?
A: The projected nonfarm payrolls figure for June is estimated to be 225,000, indicating a decrease compared to the previous month’s addition of 339,000 jobs.
Q: How did the technical indicators behave for Bitcoin?
A: The 14-day relative strength index (RSI) for Bitcoin dropped significantly, reaching a floor at the 55.00 mark. Additionally, the 10-day moving average shifted course and started trending downwards.
Q: What was the price movement for Ethereum?
A: Ethereum experienced a decline, hitting a one-week low and dropping below the $1,900 mark. However, it later rebounded from the intraday low, with buyers stepping in to buy the dip.
Q: What is the significance of the US nonfarm payrolls report?
A: The US nonfarm payrolls report is an important economic indicator that reflects the number of jobs added or lost in the private sector. It often influences market sentiment and can impact monetary policy decisions, such as potential interest rate hikes by the Federal Reserve.
Q: Are there any resistance levels or price targets to watch for?
A: For Ethereum, the next visible resistance level appears to be at 53.00, and if reached, it could potentially push the price towards $1,890. It is essential to monitor these levels for potential price movements.
More about crypto market
- Bitcoin Technical Analysis
- Ethereum Technical Analysis
- US Nonfarm Payrolls Report
- Relative Strength Index (RSI) Explained
- Understanding Moving Averages
- Federal Reserve Monetary Policy