Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum also declined, as the price moved away from the $1,600 region.
Bitcoin (BTC) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report.
Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000.
Ahead of the report BTC/USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28.
Looking at the chart, the drop comes as the 14-day relative strength index (RSI) fell below its resistance point of 37.90, and is now tracking at 37.00.
The momentum of the 10-day (red) moving average also continues to be bearish, with the trend line maintaining its downward trajectory.
Should tomorrow’s payrolls report disappoint, then we could see bitcoin fall towards its recent support level at $19,500.
Like bitcoin, ethereum (ETH) was also lower in today’s session, as the token fell below $1,600 earlier in the day.
Following a high of $1,612.36 on hump day, ETH/USD dropped to a low of $1,536.55 on Thursday, falling below its floor of $1.550 in the process.
Shortly after this breakout, bulls opted to return, buying the dip, which has in turn pushed prices back above this support point.
As of writing, ethereum is now tracking at $1,577.39, with the RSI currently at 46.69, with bulls still targeting a resistance level of 50.00.
Depending on the sentiment of tomorrow’s jobs report, we could see bullish pressure intensify, sending prices above not only $1,600, but close to $1,700.
However, there are still some signs of bears in the market, which could trigger a price reversal, especially the closer we get to the ceiling of $1,625.
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Do you expect a strong non-farm payrolls report on Friday? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum also declined, as the price moved away from the $1,600 region.
Bitcoin (BTC) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report.
Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000.
Ahead of the report BTC/USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28.
Looking at the chart, the drop comes as the 14-day relative strength index (RSI) fell below its resistance point of 37.90, and is now tracking at 37.00.
The momentum of the 10-day (red) moving average also continues to be bearish, with the trend line maintaining its downward trajectory.
Should tomorrow’s payrolls report disappoint, then we could see bitcoin fall towards its recent support level at $19,500.
Like bitcoin, ethereum (ETH) was also lower in today’s session, as the token fell below $1,600 earlier in the day.
Following a high of $1,612.36 on hump day, ETH/USD dropped to a low of $1,536.55 on Thursday, falling below its floor of $1.550 in the process.
Shortly after this breakout, bulls opted to return, buying the dip, which has in turn pushed prices back above this support point.
As of writing, ethereum is now tracking at $1,577.39, with the RSI currently at 46.69, with bulls still targeting a resistance level of 50.00.
Depending on the sentiment of tomorrow’s jobs report, we could see bullish pressure intensify, sending prices above not only $1,600, but close to $1,700.
However, there are still some signs of bears in the market, which could trigger a price reversal, especially the closer we get to the ceiling of $1,625.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect a strong non-farm payrolls report on Friday? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Ukrainian investigators have exposed a scheme targeting residents of the country and the European Union with various financial scams, including some related to cryptocurrencies. The criminal organization members contacted their victims through call centers to collect personal financial information.
Officers from the Main Investigative Department of Ukraine’s National Police and the Security Service of Ukraine (SBU) have dismantled a criminal group running schemes designed to misappropriate funds from citizens of the country and a number of EU nations. Its members offered investors to participate in exchange trading of crypto assets, securities, and commodities.
Investigators found that the scammers established a network of call centers and presented themselves as officials from state banking institutions in order to obtain credit card data. They used high-tech equipment and software which allowed them to change their phone numbers to appear as if they were the official numbers of the banks.
The organizers of the scheme employed fake websites and exchange platforms for trading fiat and digital currencies, securities, gold, and oil. To attract investment funds they promised excess profits in a short period of time, the National Police of Ukraine detailed in a press release published Tuesday.
What’s more, the fraudsters also gained access to a database with the contact information of foreign nationals who had been targeted in similar attempts in the past. On behalf of a so-called “Community of cryptocurrency brokers,” they offered the victims to track and return their stolen cryptocurrency for a “commission.”
After accepting the services of the non-existent entity, these people were sent details for the transfer of the commission to accounts controlled by the members of the criminal scheme. After receiving the funds, the “brokers” suddenly interrupted communication and the lost cryptocurrency was never returned.
In searches conducted by Ukrainian law enforcement at the addresses of the call centers, computer equipment, mobile phones, and records confirming the illegal activities were seized. If found guilty under the provisions of Ukraine’s Criminal Code for large-scale fraud committed by an organized group and the use, distribution, or sale of harmful software, the perpetrators may face up to 12 years in prison.
Do you think the Ukrainian crypto fraudsters will be convicted in court? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons, National Police of Ukraine
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Source From : News