Bitcoin is grinding lower from $18,500 to $17,651, shedding $849.18 (4.64%) today.
United States Crude Oil Inventories data will be released today at 15:30 UTC, with an expected improvement to 1.36 million. Bitcoin reaction to indicator information will follow.
Meanwhile, United States API Weekly Crude Oil Stock came out at 5.62 million, while a consensus of analysts was expecting 1.1 million. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.605, while the previous figure was 4.318.
Technical analysis trend indicators suggest 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. According to asset volatility analysis, Bitcoin's lower Bollinger Band® is at $18,300, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that Bitcoin could begin to recover as it approaches significant support, now $728.96 away from $16,922. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Bitcoin will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending today's session at $24, Solana lost $6 and is trading around $18. FTX Token closed at $4.42 (down 18.52%). Ethereum is down $138 from the beginning of the session and now trades around $1,191.57.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with 1.36 million. It previously stood at -3.12 million; data will be released today at 15:30 UTC.
Furthermore, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
A year ago Bitcoin reached a significant high of $67,100 but has consequently lost 72.41% since then.