Bitcoin is grinding lower from $16,364 to $15,876, shedding $487.68 (2.98%) today.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Bitcoin is currently flirting with an active Fibonacci support level around $15,900. Analysis based on the asset volatility indicates that Bitcoin's lower Bollinger Band® is at $15,582, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Bitcoin chart analysis: Bitcoin could begin to recover as it approaches significant support, now $259.21 away from $16,135. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Bitcoin is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, TRON is trading around $0.046 (down $0.005). Algorand USD is down to $0.238, losing $0.025, after closing at $0.263 in the preceding trading session. Litecoin is down to $54.04, losing $3.36, after closing at $57.4 in the preceding trading session.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.5%, having previously been at 0.4%. The figure will be published tomorrow at 13:30 UTC.
Bitcoin reached a significant high of $65,272 around a year ago but has lost 74.93% since then.