Slightly weaker but mostly flat: Bitcoin is currently trading at $16,650 as it maintains an active range between $16,570 and $16,947.
Bitcoin is currently trading at $16,650 following the release of Existing Home Sales (Oct) data from the United States.
On the flip side, positive data for Bitcoin released earlier when United States Initial Jobless Claims came out at 222,000, better than analyst estimates of 225,000 and improving upon the previous reading of 226,000.
Amid the market gloom, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2.
Bitcoin made an initial break below its 5 day Simple Moving Average at $16,617, a possible indication of a forthcoming negative trend. Despite this, Bitcoin could begin to recover as it approaches significant support, now $179.3 away from $16,471. 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.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.57, FTX Token lost $0.133 and is trading around $1.44.
Positive performances can be seen by looking at other markets as having closed the previous session at $0.268, Algorand USD is up 8.29% today to currently trade at around $0.29. Binance Coin goes up 2.03% to trade around $273.44.
Bitcoin reached a significant high of $59,900 around 11 months ago but has lost 72.12% since then.