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April 19, 2023
Bitcoin crashes after losing $1,114.73, breaking down to $29,249.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000.
Amid the market gloom, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Bitcoin could begin to recover as it approaches significant support, now $310.51 away from $29,559. Dipping below could be an indication that further losses are ahead. Bitcoin made an initial break below its 10 day Simple Moving Average at $30,147, a possible indication of a forthcoming negative trend.
Overall, the technical analysis landscape suggests that on the balance of probability, Bitcoin is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other markets, Litecoin falls 8.31% to trade around $93.32. EOS closed at $1.12 (down 8.41%). Ripple closed at $0.494 (down 7.3%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 239,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) will be released tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
Trending positively for about a month. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 82.37% year to date.
