After four days of going up, Bitcoin is down $406.68 today

Bitcoin is down to $24,328, after ending today at $24,735. Overall, a 1.64% loss or $406.68 today.

Bitcoin is currently trading at $24,328 following the release of Crude Oil Inventories data from the United States.

Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Bitcoin's upper Bollinger Band® is at $25,117 which indicates a further downward move may follow.

Notwithstanding Bitcoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

In the meantime, negative performances are also seen in other markets, Litecoin falls 9.58% to trade around $76.25. Dogecoin closed at $0.069 (down 7.97%). EOS falls 7.13% to trade around $1.04.

Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released tomorrow at 12:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) will be released tomorrow at 12:30 UTC. United States Building Permits (Feb) is scheduled for tomorrow at 12:30 UTC.

Bitcoin has gained 44.27% since its lowest print of $15,759 earlier this year.