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March 03, 2023
Bitcoin is range-bound between $22,265 and $23,479 today after shedding $1,079.35 and closing at $23,479 today.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
On the flip side, United States Initial Jobless Claims beat analyst expectations of 195,000 and the previous reading of 192,000 with new data of 190,000.
While price action maintains a negative bias, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
Trend-following investors would be interested to note that Bitcoin made an initial break below its 50 day Simple Moving Average at $22,681, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $21,759, a low enough level to, generally, suggest that Bitcoin is trading below its fair value. Chart analysis indicates Bitcoin broke through the $23,263 support line and dropped $863.79 below it.
All in all, the technical analysis suggests Bitcoin has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $89.07, losing $6.26, after closing at $95.32 in the preceding trading session. Dogecoin closed at $0.076 (down 6.17%).
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is expected today at 15:00 UTC.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 41.65% year to date.
