Bitcoin is on a 20 day downtrend Today is looking a bit better: a mostly flat day so far for Bitcoin, ranging between $21,700 and $21,800; currently at $21,775.

Uncertainty around Bitcoin is reflected by published market data as United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure. United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.

As the day gets underway, chart analysis suggests Bitcoin is approaching key support, around $294.32 away from $21,481. 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. 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. Analysis based on the asset volatility indicates that Bitcoin's upper Bollinger Band® is at $24,940 and the lower is $21,447.

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 jumps 9.54% to trade around $1.36. UNICORN Token USD closed at $6.43 (down 2.98%).

Moreover, United States Non Farm Payrolls expected to decline to 205,000 while its preceding data was 517,000, data will be available tomorrow at 13:30 UTC. Today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000. United States Unemployment Rate is expected tomorrow at 13:30 UTC.

This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 33% year to date.