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February 28, 2023
Bitcoin recovers back to $23,475 today after dipping down to $23,251, in a session that follows a previous closing value of $23,500.
- United States's Consumer Confidence new data released of 102.9 below its previous figure.
- While mostly sideways today, Bitcoin is on an 11 day bearish trend during which it lost $1,124.
Consumer Confidence in United States fell short of market expectations (108.5) with a reading of 102.9, continuing the decline from the previous figure of 106. Highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%.
Bitcoin made an initial break below its 21 day Simple Moving Average at $23,300, a possible indication of a forthcoming negative trend. Despite this, Bitcoin reversed direction at $23,384 support zone and climbed $91.38 above it.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.
Tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million. United States ISM Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
FTX Token leaps up 9.54% to trade around $1.36. EOS improves 4.21% to trade around $1.18. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 40.9% year to date.
