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February 24, 2023
Slightly weaker but mostly flat: Bitcoin is currently trading at $23,767 as it maintains an active range between $23,765 and $24,100.
Bitcoin is currently trading at $23,767 following the release of Core PCE Price Index (MoM) (Jan) data from the United States.
Highly important GDP data from United States beat analyst expectations of 2.9 with a reading of 2.7.
In contrast, positive data for Bitcoin reported earlier when United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected at 7.65 million but down from preceding data of 16.28 million according to new data.
Amid the market gloom, United States Core PCE Price Index (MoM) (Jan) released today at 13:30 UTC with a figure of 0.6, while the previous figure was 0.4.
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. Despite this, Bitcoin could begin to recover as it approaches significant support, now $129.87 away from $23,900. Dipping below could be an indication that further losses are ahead.
Looking forward, Bitcoin is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Tezos USD slips 4.36% to trade around $1.29. Bitcoin Cash is down to $135.97, losing $2.65, after closing at $138.62 in the preceding trading session.
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36.
Furthermore, United States New Home Sales (Jan) is scheduled for 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 44.56% year to date.
