Bitcoin and XRP are expected to remain volatile on Thursday as the market focuses on key US economic data, including Initial Jobless Claims and the ISM Manufacturing PMI.
Bitcoin is trading around US$83,090, while XRP stands at US$1.4980. Both remain above key moving averages, indicating a positive technical structure despite a slowdown in bullish momentum.
Bitcoin Remains Above Key Support
BTCUSD chart by Saracen Markets
Bitcoin is currently hovering around US$83,090 after trading between US$83,082 and US$83,699 during the current session.
From a technical perspective, the price remains well above the 20-day MA (approx. US$77,262), 50-day MA (approx. US$71,262), and 200-day MA (approx. US$70,290).
This indicates that Bitcoin's primary trend remains positive. However, the price is currently moving sideways after failing to extend gains beyond the US$86,000–US$87,000 range.
For Thursday, US$83,000 serves as the immediate support level. If the price holds above this level, Bitcoin could potentially retest US$84,500 before eyeing the US$86,000 zone.
Conversely, a drop below US$83,000 could open the door for Bitcoin to test the US$82,000 area first.
XRP Nears US$1.50
XRPUSD chart by Saracen Markets
Meanwhile, XRP is trading around US$1.4980, having moved between US$1.4849 and US$1.5003. The chart shows XRP remaining above the MA-20 at $1.3575, the MA-50 at $1.2795, and the MA-200 at $1.2196.
This positioning indicates that the trend for XRP remains positive; however, the $1.50 mark has become a critical level, as the price has repeatedly approached this zone.
If XRP successfully breaks through and holds above $1.50, the price could potentially move toward the $1.55 level. Conversely, a failure to sustain the $1.50 level could lead to a retest of $1.48, followed by $1.45.
US Data in Focus
Initial Jobless Claims data is set for release at 8:30 AM US time (approximately 8:30 PM Malaysia time), followed by the ISM Manufacturing PMI at 10:00 AM US time (approximately 10:00 PM Malaysia time).
The ISM Manufacturing data is a key focus because a stronger-than-expected reading could dampen expectations for monetary policy easing, while the employment data offers insight into the state of the US labor market.
The market is also turning its attention to Friday's US employment report, which includes Nonfarm Payrolls and the unemployment rate.
Economic Data Could Trigger Volatility
Price movements for both assets could accelerate upon the release of US economic data, particularly if the figures deviate from market expectations.
Stronger economic data could bolster the US dollar and bond yields, thereby exerting pressure on risk assets. Conversely, weaker data could revive expectations for monetary policy easing, potentially allowing Bitcoin and XRP to gain momentum.
With Friday's US employment report also on the horizon, the cryptocurrency market is likely to remain cautious throughout Thursday's trading session.
