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June 15, 2023
Bitcoin fell to a new low at $24,864 today, its lowest value in 3 months and a half; today ended at $25,100.
United States Initial Jobless Claims is next today at 12:30 UTC.
Highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%.
On the flip side, positive data for Bitcoin released earlier when United States Crude Oil Inventories beat analyst expectations of 1.48 million and the previous reading of -451,000 with new data of 7.92 million.
Amid the market gloom, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Support/Resistance levels obtained from chart analysis indicate that Bitcoin reversed direction at $24,800 support zone and climbed $97 above it. With regards to technical trend indicators, chart analysis show 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $24,667, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.
All in all, the technical analysis suggests Bitcoin has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Cardano is down $0.007 from the beginning of the session and now trades around $0.256. Polkadot goes down 3.34% to trade around $4.41.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.
Looking ahead, ongoing depreciation may be prolonged as today at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%. Today at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to 0.1% from the preceding figure of 0.4%.
Some optimism can drawn from the fact that United States Initial Jobless Claims is expected today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Jun) scheduled to come out today at 12:30 UTC.
On a negative trend for around 2 months. Over the past 2 months, Bitcoin has retreated 17.7% from a noteworthy peak of $30,500.
