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April 29, 2023During a 9 day uptrend, Bitcoin gained a total of $2,075.29, or 7.26%. Bucking the trend and turning lower, slightly weaker but mostly flat: Bitcoin is currently trading at $29,245 as it maintains an active range between $29,143 and $29,432.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. Fresh CFTC Gold speculative net positions data from United States came out at 185,300.
Bitcoin made an initial break below its 21 day Simple Moving Average at $29,131, a possible indication of a forthcoming negative trend. Despite this, Bitcoin could begin to recover as it approaches significant support, now $236.25 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.
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36. TRON added 2.16% to its value, now trading at $0.068.
Bitcoin has managed to gain 76.89% so far this year despite trading at lows around $15,759 previously.
