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May 03, 2023Without a clear-cut direction, Bitcoin is trading around $28,600 and ranging between $28,400 and $28,748.
- United States ADP Nonfarm Employment Change (Apr) is next.
- While flat so far today, Bitcoin is on a 7 day bearish trend during which it lost $827.25 of its value.
Earlier data releases related to Bitcoin – United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -3.94 million, while the previous figure was -6 million.
Here is the technical analysis of Bitcoin before macro data is released:
Bitcoin made an initial break below its 10 day Simple Moving Average at $28,457, a possible indication of a forthcoming negative trend. Despite this, Bitcoin is approaching key support, around $478.47 away from $28,100. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.
Coming up for Bitcoin — United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million, having previously been at -5 million. The figure will be published today at 14:30 UTC. United States Interest Rate is expected today at 18:00 UTC.
As the markets get ready for more data to be released — having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Solana withdraws 3.34% to trade around $21.49. Cardano stumbles 2.26% to trade around $0.383.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 72.63% year to date.
