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April 21, 2023
Having lost $2,120 over 4 days, Today is looking a bit better: Bitcoin is now trading at $28,268 after tracing out a steady $28,124 – $28,350 range today.
Uncertainty around Bitcoin is reflected by published market data as United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2. United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 245,000, falling short of the 240,000 projections and continuing its decline from the previous 240,000 figure.
Bitcoin is approaching key support, around $423.17 away from $27,844. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Bitcoin's upper Bollinger Band® is at $31,100 and the lower is $27,033. Despite this, price action remains constrained around the key Fibonacci level of $28,200 currently serving as support. If price action breaks below, the next Fib hurdle is $25,156.
Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.
Trending positively for about a month. Bitcoin has gained 70.16% since its lowest print of $15,759 earlier this year.
