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April 28, 2023
Bitcoin drops from $29,473 to $29,200, losing $272.92 (0.92%) today.
Bitcoin is currently trading at $29,200 following the release of Core PCE Price Index (MoM) (Mar) data from the United States.
Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of -5.2%. United States GDP published yesterday at 12:30 UTC came out at 1.1, falling short of the two projections and continuing its decline from the previous 2.6 figure.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3.
Bitcoin made an initial break below its 21 day Simple Moving Average at $29,071, a possible indication of a forthcoming negative trend. Despite this, Bitcoin could begin to recover as it approaches significant support, now $528.78 away from $28,674. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $330.72, Binance Coin lost $8.31 and is trading around $322.41.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Having closed the previous session at $22.35, Solana is up 3.51% today to currently trade at around $23.13.
Bitcoin has managed to gain 77.77% so far this year despite trading at lows around $15,759 previously.
