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April 12, 2023
After hitting its highest point in 10 months at $30,362, Bitcoin dropped by $412.48 and is now trading at $29,949.
United States Core Consumer Prices is next today at 12:30 UTC.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 377,000, while the previous figure was -4.35 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Bitcoin made an initial break below its 3 day Simple Moving Average at $28,868, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $30,118 which indicates a further downward move may follow. On the other hand, note that Bitcoin could begin to recover as it approaches significant support, now $300.84 away from $29,649. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Bitcoin.
In the meantime, negative performances are also seen in other markets, TRON is down $0.003 from the beginning of the session and now trades around $0.064. Dogecoin closed at $0.082 (down 2.78%).
Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000. It previously stood at -3.74 million; data will be released today at 14:30 UTC.
Furthermore, United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released today at 12:30 UTC. United States Core Consumer Prices is expected today at 12:30 UTC.
Registering some good gains for about a month now. The past 3 months have been positive for Bitcoin as it added 67.35% compared to its 3-month low of $15,759.
