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May 10, 2023
Trading lower, Bitcoin is currently down $102.77 as it ranges between $27,057 and $28,318 so far today.
New United States Crude Oil Inventories improved upon the previous -1.28 million figure while also exceeding analyst expectations with a reading of 2.95 million.
Nonetheless, encouraging indicators for Bitcoin published earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of -917,000 with a reading of 2.95 million.
Amid the market gloom, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released today at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Despite being in the red so far in the current trading session, Bitcoin peaked above its 5 day Simple Moving Average around $28,079 — typically an early indicator of a new bullish trend beginning to emerge. Bitcoin's lower Bollinger Band® is at $27,050, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Bitcoin reversed direction at $27,440 support zone and climbed $104.18 above it.
Overall, looking at the technical analysis landscape, it seems Bitcoin —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash is down to $115.46, losing $6.52, after closing at $121.98 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36. Cosmos USD is up 5.15%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 245,000, following on from the preceding figure of 242,000. New data is set to be published tomorrow at 12:30 UTC.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC.
Bitcoin has gained 66.55% since its lowest print of $15,759 earlier this year.
