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April 21, 2023
Late into the session, Bitcoin loses $943.49 (3.34%), currently trading at $27,330.
Meanwhile, United States Services PMI released today at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3.
Bollinger Bands® shows an indication of recovery: the lower band is at $26,640, a low enough level to, generally, suggest that Bitcoin is trading below its fair value. Bitcoin could begin to recover as it approaches significant support, now $385.12 away from $26,945. Dipping below could be an indication that further losses are ahead. Despite this, price action remains constrained around the key Fibonacci level of $28,200 currently serving as support. If price action breaks below, the next Fib hurdle is $25,156.
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, Dogecoin is trading around $0.078 (down $0.006). Ripple falls 5.96% to trade around $0.448.
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.
Bitcoin has managed to gain 61.16% so far this year despite trading at lows around $15,759 previously.
