After five days of going down, Bitcoin is stable today, trading around $27,700

Without a clear-cut direction, Bitcoin is trading around $27,700 and ranging between $27,647 and $27,824.

Uncertainty around Bitcoin is reflected by published market data as United States API Weekly Crude Oil Stock came out at 3.62 million, while a consensus of analysts was expecting -1.6 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.

Bitcoin is approaching key support, around $269.74 away from $27,440. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Bitcoin's upper Bollinger Band® is at $29,851 and the lower is $27,078.

Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.

While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. UNICORN Token USD added 1.62% to its value, now trading at $6.47.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Consumer Price Index is expected today at 12:30 UTC. United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000, having previously been at -1.28 million. The figure will be published today at 14:30 UTC.

Bitcoin has gained 66.55% since its lowest print of $15,759 earlier this year.