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June 08, 2023
While Bitcoin in the midst of a 3 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Bitcoin trades at $26,535 after gaining $188.48 (0.72%).
United States's Initial Jobless Claims new data released of 261,000 below its previous figure.
On the flip side, following a previous reading of 233,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000. United States Crude Oil Inventories published yesterday 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.
Meanwhile, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million.
Bitcoin made an initial breakout above its 5 day Simple Moving Average at $26,580, a potential indicator of a newly emerging bullish phase. Bitcoin's lower Bollinger Band® is at $25,852, indicating that the market is oversold and fertile for new buyers. Despite this, Bitcoin could be slowing down soon; it is getting close to the resistance line and is now at $27,029, only $494.63 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 $0.862, EOS is up 3% today to currently trade at around $0.888.
Trending downwards for around a month. Having set a significant high of $30,500 a month ago, Bitcoin is trading 13.6% lower.
