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March 01, 2023Bitcoin got off to a strong start by gaining $494.19 (+2.13%), only to run out of steam later in the session around $23,876. Currently, Bitcoin is trading around the $23,665 level.
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
Nevertheless, Consumer Confidence in United States fell short of market expectations (108.5) with a reading of 102.9, continuing the decline from the previous figure of 106.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
Bitcoin made an initial breakout above its 21 day Simple Moving Average at $23,300, a potential indicator of a newly emerging bullish phase. Bitcoin is currently trading around the $23,747 Fibonacci resistance level. A "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term. Bitcoin broke through the $23,661 resistance, climbing $3.75 above it.
Examining the technical analysis landscape, Bitcoin might continue its downtrend in the short term.
Other markets are also showing gains as FTX Token is up 9.54%. EOS is up 4.03% to $1.19. Tezos USD gained 4.3% and is now trading at $1.19.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to 457,000 while its preceding data was 7.65 million, data will be available today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
Also worthy of note, United States ISM Manufacturing PMI (Feb) scheduled to come out today at 15:00 UTC.
Bitcoin has managed to gain 42.47% so far this year despite trading at lows around $15,759 previously.
