Bitcoin dropped below the $30,000 level on Friday, ahead of the upcoming nonfarm payrolls (NFP) report in the United States. Today’s report comes as private sector jobs rose by 497,000 in the last report, double the expected number. Friday’s NFP is projected to come in at 225,000. Ethereum hit a one-week low today.
Bitcoin (BTC) dropped to a one-week low on Friday, ahead of the upcoming nonfarm payrolls report in the United States.
Payrolls are expected to come in at 225,000 for June, less than the 339,000 jobs added the month prior.
Many believe a strong number will almost certainly guarantee that the Federal Reserve will hike rates later this month.
BTC/USD dropped to a low at $29,777.28 earlier in the session, which is its lowest point since last Friday, when price fell to $29,417.
Today’s sell-off came as the 14-day relative strength index (RSI) plunged to a floor at the 55.00 mark.
In addition to this, the 10-day (red) moving average has shifted course, and now looks to be downward facing.
Ethereum (ETH) also plunged in today’s session, dropping below the $1,900 mark for the first time since the end of June.
Following a high at $1,917.61 on Thursday, ETH/USD fell to an intraday low of $1,832.03 earlier in today’s session.
This is the lowest point ETH has hit since June 30, when the price collided with a support point at $1,820.
ETH has since rebounded from today’s earlier low, and is currently trading at $1,862.52, as bulls have seemingly bought the dip.
This comes as the RSI found a floor of its own at 47.00, and has gone on to reach a present point of 49.86.
The next visible resistance level looks as though it is at 53.00, and if it hits that point, it is likely ethereum will be near $1,890.
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Do you expect the NFP to come in higher than expected? Leave your thoughts in the comments below.