Struggling to find upward momentum, Bitcoin has shed $100.08 to currently trade at $18,956 as it ranges between $18,956 and $19,120 so far today.
On the flip side, positive data for Bitcoin released earlier when United States Initial Jobless Claims came out at 214,000, better than analyst estimates of 230,000 and improving upon the previous reading of 226,000.
Meanwhile, United States Existing Home Sales (Sep) released yesterday at 14:00 UTC with a figure of 4.71 million, while the previous figure was 4.78 million. United States Philadelphia Fed Manufacturing Index (Oct) came out at -8.7, while a consensus of analysts was expecting -5.
Bitcoin could begin to recover as it approaches significant support, now $108.95 away from $18,847. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $18,637, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems Bitcoin —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Dogecoin is trading around $0.058 (down $0.001). EOS closed at $1.02 (down 2%). NEAR Protocol slips 3.34% to trade around $2.78.
Trending positively for about 30 days. Bitcoin is now trading 71.81% below the significant high of $67,600 it set around 11 months ago.