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May 17, 2023
Bitcoin is grinding lower from $27,024 to $26,724, shedding $299.55 (1.11%) today.
Bitcoin is currently trading at $26,724 following the release of Building Permits (Apr) data from the United States.
United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.
On the flip side, highly important Core Retail Sales data from United States beat analyst expectations of 0.4% with a reading of 0.4%.
Amid the market gloom, United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million.
Despite being in the red so far in the current trading session, Bitcoin peaked above its 5 day Simple Moving Average around $27,060 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $26,000, a low enough level to, generally, suggest that Bitcoin is trading below its fair value. Bitcoin bounced after reaching the $26,800 support zone, climbing $73.57 above it.
Overall, looking at the technical analysis landscape, it seems Bitcoin —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36. Litecoin is up 2.62% to $92.48.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to -920,000 while previous data was 2.95 million; data will be released today at 14:30 UTC.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (May) is scheduled for tomorrow at 12:30 UTC.
Pointing downwards for around a month. Bitcoin has gained 62.13% since its lowest print of $15,759 earlier this year.
