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February 22, 2023
Bitcoin slides down from $24,449 to $24,126 today, losing $323.27 (1.32%).
Amid the market gloom, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Bitcoin could begin to recover as it approaches significant support, now $246.84 away from $23,879. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Bitcoin peaked above its 5 day Simple Moving Average around $24,458 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Bitcoin might start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Solana draws back 5.6% to trade around $23.56.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36. Tezos USD is up 6.52%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
Bitcoin has managed to gain 45.65% so far this year despite trading at lows around $15,759 previously.
