Bitcoin ended the previous session at $27,000; currently trading at $26,359

Bitcoin is sharply lower after losing $641.45, declining as low as $26,359.

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. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000.

While price action maintains a negative bias, United States Michigan Consumer Expectations (May) came out at 53.4, while a consensus of analysts was expecting 59.8.

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. A crossing of the lower Bollinger Band® at $26,527 suggests further losses may follow for Bitcoin. On the other hand, note that Bitcoin could begin to recover as it approaches significant support, now $308.76 away from $26,667. 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 $81.04, Litecoin lost $2.44 and is trading around $78.61. EOS is down to $0.865, losing $0.017, after closing at $0.882 in the preceding trading session.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 62.88% year to date.