Bitcoin ended the previous session at $27,619; currently trading at $26,938

Late into the session, Bitcoin loses $681 (2.47%), currently trading at $26,938.

United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.

United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. United States Initial Jobless Claims published today at 12:30 UTC came out at 264,000, falling short of the 245,000 projections and continuing its decline from the previous 242,000 figure.

On the flip side, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.

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. Bitcoin is currently flirting with an active Fibonacci support level around $27,143. A crossing of the lower Bollinger Band® at $26,956 suggests further losses may follow for Bitcoin. In contrast, Bitcoin could begin to recover as it approaches significant support, now $263.67 away from $27,200. Dipping below could be an indication that further losses are ahead.

In the short term, Bitcoin is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.073, Dogecoin lost $0.003 and is trading around $0.07. EOS is down $0.04 from the beginning of the session and now trades around $0.873.

Other assets are showing positive performances as FTX Token is up 9.54%.

Bitcoin has gained 69.18% since its lowest print of $15,759 earlier this year.