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May 08, 2023
In the last 4 days, Bitcoin has lost a total of 4.32% of its value. More of the same today: in a range-bound session favoring short positions, Bitcoin remains constrained in a $28,135 to $28,643 range and is currently trading close to $28,262.
Despite being in the red so far in the current trading session, Bitcoin peaked above its 50 day Simple Moving Average around $28,600 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $27,256, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems Bitcoin —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash slumps 2.35% to trade around $113.46.
Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.
Furthermore, United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 76.65% year to date.
