Bitcoin is down by $800 (-2.94%); currently trading around $25,700

Bitcoin is grinding lower from $26,500 to $25,700, shedding $800 (2.94%) today.

Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 175,600, while the previous figure was 169,300. United States CFTC Nasdaq 100 speculative net positions came out at 8,800.

Technical analysis shows that Bitcoin fell below the $26,272 support zone and moved $564.9 beyond it; the next level of support with significant buyer interest is estimated at $26,100. 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. Bitcoin is currently flirting with an active Fibonacci support level around $26,321. Analysis based on the asset volatility indicates that Bitcoin's lower Bollinger Band® is at $25,637, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

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 to $0.242, losing $0.053, after closing at $0.295 in the preceding trading session. Litecoin closed at $77.28 (down 13.42%). Dogecoin is trading around $0.06 (down $0.01).

Trending downwards for around a month. Bitcoin has fallen back around 13.14% from the significant high of $30,500 set a month ago.