After three days of going down, Bitcoin is flat today, hovering around $22,300

Without a clear-cut direction, Bitcoin is trading around $22,300 and ranging between $22,200 and $22,400.

Bitcoin's state is reflected by market data as United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. Fresh CFTC Crude Oil speculative net positions data from United States came out at 224,200. United States CFTC Gold speculative net positions came out at 128,800.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $22,200 currently serving as support. If price action breaks below, the next Fib hurdle is $21,845. According to asset volatility analysis, Bitcoin's upper Bollinger Band® is at $25,200 and the lower is $21,847. As the trading day comes to an end, chart analysis indicates Bitcoin is approaching key support, around $92.31 away from $22,222. 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.

The current technical outlook indicates Bitcoin will continue to ebb sideways within tight ranges for the immediate future.

While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as EOS drops 7.73% to trade around $1.21. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Dogecoin closed at $0.074 (down 3.85%).

Bitcoin has gained 34.57% since its lowest print of $15,759 earlier this year.