Bitcoin slides down from $20,933 to $20,748 today, losing $184.46 (0.88%).
Bitcoin broke through the $20,740 support line and dropped $8.61 below it. Bitcoin made an initial break below its 10 day Simple Moving Average at $20,700, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $20,817 currently serving as support. If price action breaks below, the next Fib hurdle is $20,139. Bitcoin's upper Bollinger Band® is at $21,600 which indicates a further downward move may follow.
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, Solana is down to $31.34, losing $1.36, after closing at $32.7 in the preceding trading session.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.14, MaticNetwork USD is up 5.21% today to currently trade at around $1.19. Litecoin gained 3.48% and is currently trading at $70.67.
Furthermore, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
Trending positively for about a month. Bitcoin reached a significant high of $67,600 around 11 months ago but has lost 69.03% since then.