Bitcoin set for weak finish today; down 2.79% to $26,437 with 2 hours before close

Bitcoin is grinding lower from $27,200 to $26,437, shedding $762.62 (2.79%) today.

United States's Crude Oil Inventories new data released of -451,000 below its previous figure.

United States Crude Oil Inventories published today at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.

Amid the market gloom, United States Cushing Crude Oil Inventories released today at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.

Bitcoin made an initial break below its 21 day Simple Moving Average at $26,940, a possible indication of a forthcoming negative trend. Bitcoin is currently flirting with an active Fibonacci support level around $26,321. In contrast, Bitcoin's lower Bollinger Band® is at $25,955, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Bitcoin could begin to recover as it approaches significant support, now $544.42 away from $25,900. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Bitcoin.

In the meantime, negative performances are also seen in other markets, Binance Coin is down $20.82 from the beginning of the session and now trades around $260.18. Cardano dips 8.21% to trade around $0.323. Algorand USD is down to $0.126, losing $0.011, after closing at $0.137 in the preceding trading session.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.

On a negative trend for around a month. Bitcoin has managed to gain 61.61% so far this year despite trading at lows around $15,759 previously.