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April 15, 2023
Without a clear-cut direction, Bitcoin is trading around $30,400 and ranging between $30,329 and $30,574.
Bitcoin's state is reflected by market data as Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. Highly important Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1%. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Bitcoin made an initial break below its 3 day Simple Moving Average at $30,400, a possible indication of a forthcoming negative trend. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Bitcoin's upper Bollinger Band® is at $30,933, suggesting that a downward move may follow. In contrast, Bitcoin is approaching key support, around $435.54 away from $29,978. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Although price action remains in a stalemate, technical analysis suggests Bitcoin could be primed for a break to the downside.
Meanwhile, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Cardano improves 5.04% to trade around $0.46. NEAR Protocol goes up 5.35% to trade around $2.34.
Trending positively for about a month. Bitcoin has gained 82.7% since its lowest print of $15,759 earlier this year.
