Bearish Bitcoin currently $286.26 lower after trading as high as $28,158

Bitcoin drops from $28,158 to $27,872, losing $286.26 (1.02%) today.

Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 200,000. Potentially significant price fluctuations in Bitcoin are expected to follow.

Highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.

Amid the market gloom, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.

Bitcoin made an initial break below its 21 day Simple Moving Average at $27,900, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $28,769 which indicates a further downward move may follow. Despite this, Bitcoin could begin to recover as it approaches significant support, now $10.16 away from $27,882. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems Bitcoin is likely to continue pointing down in the short term.

In the meantime, negative performances are also seen in other markets, Cardano is trading around $0.379 (down $0.013). Dogecoin is down to $0.09, losing $0.002, after closing at $0.092 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token jumps 9.54% to trade around $1.36.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 239,000, following on from the preceding figure of 311,000. New data is set to be published tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 198,000; data will be released today at 12:30 UTC.

Furthermore, United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.

Bitcoin now trading 68.7% above its 3-month low of $15,759.