Bitcoin set for weak finish today; down 6.31% to $20,355 with 22 minutes before close

Late into the session, Bitcoin loses $1,371.46 (6.31%), currently trading at $20,355.

Initial Jobless Claims in United States fell short of market expectations (195,000) with a reading of 211,000, continuing the decline from the previous figure of 190,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.

While price action maintains a negative bias, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million.

As the trading day comes to an end, chart analysis indicates Bitcoin could begin to recover as it approaches significant support, now $688.9 away from $19,666. Dipping below could be an indication that further losses are ahead. Trend analysis indicates 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. According to momentum evaluation, the Relative Strength Index indicates Bitcoin is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $20,243, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.

All in all, the technical analysis suggests Bitcoin has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, TRON is down $0.007 from the beginning of the session and now trades around $0.058. Litecoin closed at $76.54 (down 7.63%). Dogecoin is trading around $0.066 (down $0.005).

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000.

Furthermore, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.

Bitcoin is now trading 54.23% below the significant high of $47,466 it set around 11 months ago.