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March 02, 2023
Bitcoin slides down from $23,641 to $23,400 today, losing $241.42 (1%).
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in Bitcoin are expected to follow.
Nonetheless, encouraging indicators for Bitcoin published earlier when United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.
Bitcoin made an initial break below its 5 day Simple Moving Average at $23,436, a possible indication of a forthcoming negative trend. In contrast, Bitcoin could begin to recover as it approaches significant support, now $20.49 away from $23,425. 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, after ending today's session at $1.21, EOS lost $0.037 and is trading around $1.17. After ending today's session at $1.2, Tezos USD lost $0.05 and is trading around $1.15.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
Looking ahead, ongoing depreciation may be prolonged as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
Bitcoin has managed to gain 41.41% so far this year despite trading at lows around $15,759 previously.
