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June 06, 2023
Bitcoin has been losing ground for 10 days, shedding a total of 8.52% of its value. Today is looking a bit better: Bitcoin trades at $25,678, after ending today at $25,737.
This uncertain state for Bitcoin is reflected by published market data as United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.
As the trading day commences, technical analysis suggests Bitcoin is approaching key support, around $661.58 away from $25,017. 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. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bitcoin's upper Bollinger Band® is at $28,159 and the lower is $25,561.
Overall, technical indicators suggest Bitcoin has no obvious direction for the immediate future.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million. United States EIA Short-Term Energy Outlook is expected today at 16:00 UTC.
Pointing downwards for around a month. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 54.02% year to date.
