Slightly weaker but mostly flat: Bitcoin is currently trading at $22,300 as it maintains an active range between $22,080 and $22,522.
- Bitcoin is currently trading at $22,300 following the release of Fed Chair Powell testimony data from the United States.
- Bitcoin hasn't been as low as $22,080 in 3 weeks.
- Today's losses are adding to an 18 day bearish run, during which Bitcoin lost $2,203.49 of its value.
United States Factory Orders released yesterday at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
Despite being in the red so far in the current trading session, Bitcoin peaked above its 5 day Simple Moving Average around $22,600 — typically an early indicator of a new bullish trend beginning to emerge. Bitcoin's lower Bollinger Band® is at $21,831, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Bitcoin bounced after reaching the $22,360 support zone, climbing $65.39 above it.
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.
United States Crude Oil Inventories projected to decline to -308,000 while previous data was 1.17 million; data will be released tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Feb) is expected tomorrow at 13:15 UTC.
FTX Token gained 9.54% and is currently trading at $1.36. Ripple gained 2.95% and is now trading at $0.381. Algorand USD is down $0.009 from the beginning of the session and now trades around $0.217.
Bitcoin has managed to gain 35.39% so far this year despite trading at lows around $15,759 previously.