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May 06, 2023
While Bitcoin is on a 6 day uptrend Bucking the trend and turning lower, trading lower, Bitcoin is currently down $140.81 as it ranges between $29,379 and $29,800 so far today.
On the flip side, positive data for Bitcoin released earlier when highly important Average Hourly Earnings data from United States beat analyst expectations of 0.3% with a reading of 0.5%. Data for United States Non Farm Payrolls published yesterday at 12:30 UTC came out at 253,000, beating projections of 180,000 and showing improvement over the preceding figure of 165,000. Highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.4.
Bitcoin's upper Bollinger Band® is at $30,334 which indicates a further downward move may follow. Despite this, Bitcoin could begin to recover as it approaches significant support, now $384.74 away from $29,000. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.
Bitcoin has managed to gain 77.46% so far this year despite trading at lows around $15,759 previously.
