Late into the session, Bitcoin loses $1,232.65 (4.06%), currently trading at $29,131.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Bitcoin are expected to follow.
Amid the market gloom, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.
Bitcoin fell below the $29,559 support zone and moved $428.44 beyond it; the next level of support with significant buyer interest is estimated at $28,800. Bitcoin made an initial break below its 10 day Simple Moving Average at $30,147, a possible indication of a forthcoming negative trend.
Overall, looking at the technical analysis landscape, it seems Bitcoin is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other markets, Ripple is down to $0.491, losing $0.043, after closing at $0.533 in the preceding trading session. EOS is down $0.095 from the beginning of the session and now trades around $1.12. Dogecoin is trading around $0.088 (down $0.006).
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1 million, following on from the preceding figure of 597,000. New data is set to be published today at 14:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) will be released tomorrow at 14:00 UTC.
Registering some good gains for about a month now. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 82.37% year to date.