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March 10, 2023
After ending today at $19,959 and losing $396.21, it now trades below the 20,000 level for the first time in 7 weeks.
United States's Non Farm Payrolls new data released of 311,000 below its previous figure.
United States Unemployment Rate published today at 13:30 UTC came out at 3.6, falling short of the 3.4 projections and continuing its decline from the previous 3.4 figure. Following a previous reading of 190,000, Initial Jobless Claims in United States released yesterday at 13:30 UTC fell short of the 195,000 figure expected by analysts with an actual reading of 211,000.
In contrast, positive data for Bitcoin reported earlier when United States Non Farm Payrolls released today at 13:30 UTC is better than expected at 311,000 but down from preceding data of 504,000 according to new data.
Bitcoin made an initial break below its 200 day Simple Moving Average at $19,700, a possible indication of a forthcoming negative trend. In contrast, Bollinger Bands® shows an indication of recovery: the lower band is at $20,143, a low enough level to, generally, suggest that Bitcoin is trading below its fair value. Bitcoin could begin to recover as it approaches significant support, now $293.54 away from $19,666. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Bitcoin.
In the meantime, negative performances are also seen in other markets, Litecoin falls 7.34% to trade around $71.14. TRON is down $0.002 from the beginning of the session and now trades around $0.057.
Other assets are showing positive performances as FTX Token leaps up 9.54% to trade around $1.36.
Bitcoin has fallen back around 57.12% over the past 11 months, from a notable high of $47,466.
