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June 16, 2023
While on an 11 day downtrend Today is looking a bit better: without a clear-cut direction, Bitcoin is trading around $25,566 and ranging between $25,436 and $25,566.
Bitcoin's state is reflected by market data as United States Retail Sales released yesterday at 12:30 UTC is better than expected at 0.3% but down from preceding data of 0.4% according to new data. New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000). United States Philadelphia Fed Manufacturing Index (Jun) released yesterday at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Bitcoin's upper Bollinger Band® is at $28,000 and the lower is $24,829. Bitcoin is approaching key support, around $570.82 away from $25,000. 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.
Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.
At the same time, mixed performances are seen elsewhere as FTX Token is up 9.54%. Binance Coin increases 0.93% to trade around $237.92.
Trending downwards for around 2 months. Bitcoin has fallen back around 16.31% from the significant high of $30,500 set 2 months ago.
