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June 01, 2023
Bitcoin is consolidating around the $26,900 level after dropping $336.58 at the start of the trading session.
United States's Initial Jobless Claims new data released of 232,000 below its previous figure.
On the flip side, data for United States Initial Jobless Claims released today at 12:30 UTC is better than expected with 232,000, but worse than previous figure of 230,000.
Meanwhile, United States ADP Nonfarm Employment Change (May) came out at 278,000, while a consensus of analysts was expecting 170,000. United States JOLTs Job Openings (Apr) released yesterday at 14:00 UTC with a figure of 10.10 million, while the previous figure was 9.74 million.
Bitcoin made an initial break below its 21 day Simple Moving Average at $27,078, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $27,881 which indicates a further downward move may follow. Despite this, although Bitcoin is down today and was as low as $26,678, it seems to be recovering slightly and climbing away from the $26,700 support line and is now $209.48 above it.
In the short term, Bitcoin is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.364 (down 2.86%). Ripple is down to $0.505, losing $0.012, after closing at $0.517 in the preceding trading session.
Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. As things stand, upcoming United States Average Hourly Earnings data is projected to fall short of market expectations with newly published data of 0.4%, following on from the preceding figure of 0.5%. New data is set to be published tomorrow at 12:30 UTC.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released today at 15:00 UTC.
Pointing downwards for around a month. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 62.62% year to date.
