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June 11, 2023
Having lost $1,384.68 over 6 days, Today is looking a bit better: without a clear-cut direction, Bitcoin is trading around $25,800 and ranging between $25,669 and $25,859.
Chart analysis suggests Bitcoin is approaching key support, around $464.37 away from $25,333. 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 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. Asset volatility analysis shows that Bitcoin's upper Bollinger Band® is at $28,100 and the lower is $25,400.
The current technical outlook indicates Bitcoin will continue to ebb sideways within tight ranges for the immediate future.
Other markets show mixed performance as FTX Token gained 9.54% and is currently trading at $1.36. Cardano is down to $0.264, losing $0.011, after closing at $0.275 in the preceding trading session.
On a negative trend for around a month. Bitcoin is now trading 15.2% below the significant high of $30,500 it set around a month ago.
