Bitcoin is grinding lower from $20,620 to $19,700, shedding $920.45 (4.43%) today.
Bitcoin fell below the $20,538 support zone and moved $832.18 beyond it; the next level of support with significant buyer interest is estimated at $20,300. Bitcoin made an initial break below its 50 day Simple Moving Average at $19,655, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $19,462 currently serving as support. If price action breaks below, the next Fib hurdle is $19,044. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at $18,900, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Bitcoin.
In the meantime, negative performances are also seen in other markets, FTX Token plunges 28.58% to trade around $15.77. After ending today’s session at $0.112, Dogecoin lost $0.012 and is trading around $0.1. Solana is down to $26.08, losing $3.54, after closing at $29.61 in the preceding trading session.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million, having previously been at -3.12 million. The figure will be published tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for today at 17:00 UTC.
Trending positively for about a month. Approximately a year ago, Bitcoin reached a significant high of $67,600 but has struggled to hold onto its gains and declined 69.49% since then.