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April 05, 2023
Bitcoin went up to $28,700 only to drop back some of the way and is now trading at $28,235.
- Bitcoin is currently trading at $28,235 following the release of ISM Non-Manufacturing PMI (Mar) data from the United States.
- While flat so far today, Bitcoin is on a 10 day bullish trend, gaining a total of $1,023.55 throughout.
United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released today at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.
Bitcoin's upper Bollinger Band® is at $28,821, suggesting that a downward move may follow. Despite this, Bitcoin is approaching key support, around $430.13 away from $27,800. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.
United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 198,000; data will be released tomorrow at 12:30 UTC.
FTX Token leaps up 9.54% to trade around $1.36. TRON gained 0.92% and is currently trading at $0.066. Binance Coin is up 1.14% to $314.38.
Bitcoin now trading 67.77% above its 3-month low of $15,759.
