Bitcoin ended the previous session at $22,235; currently trading at $22,032

Bitcoin drops from $22,235 to $22,032, losing $203.46 (0.92%) today.

United States ADP Nonfarm Employment Change (Feb) is next today at 13:15 UTC.

While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3.83 million, while the previous figure was 6.20 million. Fresh 3-Year Note Auction data from United States came out at 4.635.

Visual analysis of Bitcoin's chart shows that Bitcoin reversed direction at $21,900 support zone and climbed $143.88 above it. Trend 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. Fibonacci-minded traders witnessed a key Fib level of $21,845 holding firm – an indicator of highly concentrated demand around this level. Asset volatility analysis shows that Bitcoin's lower Bollinger Band® is at $21,600, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Bitcoin will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Solana is trading around $19.51 (down $0.767). Tezos USD stumbles 3.41% to trade around $1.07.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 395,000 while previous data was 1.17 million; data will be released today at 15:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Feb) scheduled to come out today at 13:15 UTC. United States JOLTs Job Openings (Jan) is scheduled for today at 15:00 UTC.

Bitcoin has gained 32.51% since its lowest print of $15,759 earlier this year.