Bearish Bitcoin currently $325.86 lower after trading as low as $30,200

Bitcoin is grinding lower from $30,675 to $30,350, shedding $325.86 (1.06%) today.

United States Fed Chair Powell speech is next today at 13:30 UTC.

On the flip side, positive data for Bitcoin released earlier when data for United States Consumer Confidence published yesterday at 14:00 UTC came out at 109.7, beating projections of 104 and showing improvement over the preceding figure of 102.5. Data for United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at 0.6%, beating projections of -0.1% and showing improvement over the preceding figure of -0.6%.

Amid the market gloom, United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.

Bitcoin made an initial break below its 5 day Simple Moving Average at $30,441, a possible indication of a forthcoming negative trend. Despite this, Bitcoin could begin to recover as it approaches significant support, now $109 away from $30,241. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Algorand USD stumbles 5.13% to trade around $0.121. Cardano is trading around $0.275 (down $0.011).

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.

Looking ahead, ongoing depreciation may be prolonged as United States GDP projected to come out at 1.4 — worse than previous data of 2.6; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.

Bitcoin has managed to gain 84.05% so far this year despite trading at lows around $15,759 previously.