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June 09, 2023
While Bitcoin in the midst of a 4 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Currently trading at $26,600, Bitcoin remains range-bound between $26,349 and $26,768.
On the flip side, following a previous reading of 233,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.
Bitcoin made an initial breakout above its 5 day Simple Moving Average at $26,500, a potential indicator of a newly emerging bullish phase. Bitcoin's lower Bollinger Band® is at $25,866, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Bitcoin could be slowing down soon; it is getting close to the resistance line and is now at $26,854, only $263.35 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Examining the technical analysis landscape, Bitcoin might continue its downtrend in the short term.
Bitcoin shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $0.068, Dogecoin is up 2.47% today to currently trade at around $0.07.
On a negative trend for around a month. Over the past a month, Bitcoin has retreated 13.04% from a noteworthy peak of $30,500.
