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February 23, 2023
Slightly weaker but mostly flat: Bitcoin is currently trading at $23,822 as it maintains an active range between $23,700 and $24,569.
United States's Crude Oil Inventories new data released of 7.65 million below its previous figure.
GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
Nonetheless, encouraging indicators for Bitcoin published earlier when data for United States Crude Oil Inventories released today at 16:00 UTC is better than expected with 7.65 million, but worse than previous figure of 16.28 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 192,000.
Bitcoin made an initial break below its 10 day Simple Moving Average at $23,859, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $23,747 currently serving as support. If price action breaks below, the next Fib hurdle is $21,100. On the other hand, note that Bitcoin could begin to recover as it approaches significant support, now 8 cents away from $23,822. Dipping below could be an indication that further losses are ahead.
In the short term, Bitcoin is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Tezos USD is trading around $1.35 (down $0.078). After ending today's session at $1.21, EOS lost $0.03 and is trading around $1.18.
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
Furthermore, United States Core PCE Price Index (MoM) (Jan) is expected tomorrow at 13:30 UTC. United States New Home Sales (Jan) scheduled to come out tomorrow at 15:00 UTC.
Bitcoin has gained 44.96% since its lowest print of $15,759 earlier this year.
