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May 31, 2023
Slightly weaker but mostly flat: Bitcoin is currently trading at $27,200 as it maintains an active range between $27,044 and $27,800.
United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.
Nonetheless, encouraging indicators for Bitcoin published earlier when data for United States Consumer Confidence released yesterday at 14:00 UTC is better than expected with 102.3, but worse than previous figure of 103.7.
While price action maintains a negative bias, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) came out at -1.1, while a consensus of analysts was expecting -1.6.
Bitcoin could begin to recover as it approaches significant support, now $398.43 away from $27,600. Dipping below could be an indication that further losses are ahead. Bitcoin made an initial break below its 5 day Simple Moving Average at $27,400, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $27,550 by around $348.75 with prices hammering out a $27,044 – $27,800 range by session close. Bitcoin's upper Bollinger Band® is at $28,000 which indicates a further downward move may follow.
Looking forward, Bitcoin is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, after ending today's session at $92.29, Litecoin lost $2.74 and is trading around $89.55. EOS decreases 2.63% to trade around $0.888.
Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (May) will be released tomorrow at 12:15 UTC.
Pointing downwards for around a month. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 67.76% year to date.
