Bearish Bitcoin currently $121.61 lower after trading as high as $31,000

Although Bitcoin ended today strong and rose from $30,400 to $31,000, it dropped back today and is now priced at $30,278.

United States's Retail Sales new data released of -1% below its previous figure.

Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. Highly important Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1%. Following a previous reading of 0%, Producer Price Index in United States released yesterday at 12:30 UTC fell short of the 0.1% figure expected by analysts with an actual reading of -0.5%.

Bitcoin made an initial break below its 5 day Simple Moving Average at $30,100, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $30,700 which indicates a further downward move may follow. Despite this, Bitcoin could begin to recover as it approaches significant support, now $316.86 away from $29,962. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Bitcoin.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $2,012.61, Ethereum is up 3.35% today to currently trade at around $2,080. Cosmos USD is up 4.17%.

Trending positively for about a month. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 82% year to date.