After five consecutive days of gains, Bitcoin is down $333.7 today

Bitcoin slides down from $28,163 to $27,829 today, losing $333.7 (1.18%).

Despite being in the red so far in the current trading session, Bitcoin peaked above its 50 day Simple Moving Average around $28,183 — typically an early indicator of a new bullish trend beginning to emerge. Bitcoin has just crossed the upper Bollinger Band® at $27,736, indicating an upward correction could be on the horizon. Bitcoin could begin to recover as it approaches significant support, now $789.91 away from $27,039. Dipping below could be an indication that further losses are ahead. Despite this, Bitcoin formed a session range of $27,773 to $28,418 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $27,929.

Overall, looking at the technical analysis landscape, it seems Bitcoin might start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Cardano closed at $0.378 (down 1.47%). Avalanche draws back 2.27% to trade around $14.59.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Looking ahead, ongoing depreciation may be prolonged as United States Consumer Confidence expected to decline to 99 while its preceding data was 101.3, data will be available tomorrow at 14:00 UTC.

Trending downwards for around a month. Bitcoin has gained 63.83% since its lowest print of $15,759 earlier this year.