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May 19, 2023
While on a 15 day downtrend Today is looking a bit better: Bitcoin is now trading at $26,900 after tracing out a steady $26,756 – $26,900 range today.
This uncertain state for Bitcoin is reflected by published market data as United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8. United States Initial Jobless Claims beat analyst expectations of 254,000 and the previous reading of 264,000 with new data of 242,000.
Bitcoin is approaching key support, around $554.21 away from $26,330. 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. Bitcoin's upper Bollinger Band® is at $29,472 and the lower is $25,933.
Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Litecoin added 2.59% to its value, now trading at $92.79.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell speech is expected today at 15:00 UTC.
On a negative trend for around a month. Bitcoin has managed to gain 60.83% so far this year despite trading at lows around $15,759 previously.
