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May 26, 2023While on a 22 day downtrend Today is looking a bit better: without a clear-cut direction, Bitcoin is trading around $26,448 and ranging between $26,400 and $26,532.
United States Core PCE Price Index (MoM) (Apr) is next today at 12:30 UTC.
Bitcoin's state is reflected by market data as highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%. United States GDP released yesterday at 12:30 UTC is better than expected at 1.3 but down from preceding data of 2.6 according to new data. Highly important Initial Jobless Claims data from United States beat analyst expectations of 250,000 with a reading of 229,000.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $26,700, a potential indicator of a newly emerging bullish phase. Bitcoin's upper Bollinger Band® is at $27,754 and the lower is $26,200. Bitcoin is approaching key support, around $371.87 away from $26,076. 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, looking at the technical analysis landscape, it seems Bitcoin might be pointing upward in the short term.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token rallies 9.54% to trade around $1.36. Ripple is up 2.23%.
Moreover, today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%. United States Core PCE Price Index (MoM) (Apr) scheduled to come out today at 12:30 UTC.
Trending downwards for around a month. Bitcoin has gained 59.29% since its lowest print of $15,759 earlier this year.
