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March 06, 2023
Bitcoin is on a 17 day downtrend Today is looking a bit better: without a clear-cut direction, Bitcoin is trading around $22,464 and ranging between $22,338 and $22,474.
Uncertainty around Bitcoin is reflected by published market data as data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Bitcoin made an initial break below its 3 day Simple Moving Average at $22,400, a possible indication of a forthcoming negative trend. On the other hand, note that Bitcoin's upper Bollinger Band® is at $25,152 and the lower is $21,951. Bitcoin is approaching key support, around $149.91 away from $22,300. 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.
According to technical indicators, Bitcoin is positioned for a downward move in the short term.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. Litecoin is down to $88.34, losing $1.58, after closing at $89.92 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell testimony is scheduled for tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 34.52% year to date.
