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March 04, 2023A 15 day downtrend has resulted in the asset losing $2,273.33. Today is looking a bit better: a mostly flat day so far for Bitcoin, ranging between $22,350 and $22,400; currently at $22,351.
Bitcoin's state is reflected by market data as United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. Fresh CFTC Gold speculative net positions data from United States came out at 128,800.
Trend and momentum 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. According to asset volatility analysis, Bitcoin's upper Bollinger Band® is at $25,279 and the lower is $21,700. As the trading day commences, technical analysis suggests Bitcoin is approaching key support, around $481.18 away from $21,870. 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.
Overall, the technical outlook suggests Bitcoin is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen elsewhere as FTX Token is up 9.54%. UNICORN Token USD is trading around $6.43 (down $0.197).
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 34% year to date.
