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June 12, 2023
Bitcoin falls to $25,827, following mixed behavior today as it ranges between $25,700 and $26,000.
Despite being in the red so far in the current trading session, Bitcoin peaked above its 3 day Simple Moving Average around $26,000 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $25,456, a low enough level to, generally, suggest that Bitcoin is trading below its fair value. In contrast, Bitcoin could begin to recover as it approaches significant support, now $27 away from $25,800. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Bitcoin is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Binance Coin is down $9.86 from the beginning of the session and now trades around $225.4. After ending today's session at $0.684, EOS lost $0.022 and is trading around $0.662.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC.
Pointing downwards for around 2 months. Bitcoin is now trading 14.94% below the significant high of $30,500 it set around a month ago.
