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April 24, 2023
While on a 7 day downtrend, dropping a total of 9.65%, Similar trend today: after closing at $27,576 today, Bitcoin opened today at $27,576, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Bitcoin retains a distinct $27,200 to $27,957 daily range.
Despite being in the red so far in the current trading session, Bitcoin peaked above its 5 day Simple Moving Average around $27,857 — typically an early indicator of a new bullish trend beginning to emerge. Bitcoin's lower Bollinger Band® is at $26,523, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Bitcoin could begin to recover as it approaches significant support, now $157.21 away from $27,300. Dipping below could be an indication that further losses are ahead.
Technical analysis shows that Bitcoin (currently on a downtrend) might reverse course and start going up in the short term.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. UNICORN Token USD is up 1.62%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence projected to decline to 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Building Permits will be released tomorrow at 13:30 UTC. United States New Home Sales (Mar) is expected tomorrow at 14:00 UTC.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 64.69% year to date.
