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June 14, 2023
A mostly flat day so far for Bitcoin, ranging between $25,852 and $26,034; currently at $25,982.
United States Producer Price Index is next.
This uncertain state for Bitcoin is reflected by published market data as United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Bitcoin is approaching key support, around $364.19 away from $25,618. 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 made an initial breakout above its 5 day Simple Moving Average at $26,000, a potential indicator of a newly emerging bullish phase. Bitcoin's upper Bollinger Band® is at $28,100 and the lower is $25,257.
Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.
Other markets show mixed performance as FTX Token is up 9.54%. Tezos USD is up 8.59% to $0.785. Ripple is down to $0.506, losing $0.014, after closing at $0.519 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC. United States Producer Price Index expected to decline to -0.1% while its preceding data was 0.2%, data will be available today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%.
On a negative trend for around 2 months. Bitcoin has fallen back around 14.95% over the past 2 months, from a notable high of $30,500.
