Although Bitcoin ended today strong and rose from $27,923 to $28,158, it dropped back today and is now priced at $27,962.
Uncertainty around Bitcoin is reflected by published market data as data for United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.5, beating projections of 3.6 and showing improvement over the preceding figure of 3.6. Highly important Non Farm Payrolls data from United States beat analyst expectations of 239,000 with a reading of 236,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Bitcoin made an initial break below its 21 day Simple Moving Average at $27,900, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $28,727, suggesting that a downward move may follow. In contrast, Bitcoin is approaching key support, around $179.8 away from $27,782. 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.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. NEAR Protocol slides down 2.62% to trade around $1.97. Ripple is down $0.006 from the beginning of the session and now trades around $0.507.
Trending positively for about 30 days. The past 3 months have been positive for Bitcoin as it added 64.81% compared to its 3-month low of $15,759.