Bitcoin recovering almost all the way back to $17,600 today, after dipping down to $16,936.
Amid the market gloom, United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.6%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.6%. United States Consumer Price Index came out at 7.7%, while a consensus of analysts was expecting 8%.
Although Bitcoin is down today and was as low as $16,936, it seems to be recovering slightly and climbing away from the $16,144 support line and is now $1,231.63 above it. Despite being in the red so far in the current trading session, Bitcoin peaked above its 3 day Simple Moving Average around $17,338 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $17,057, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Bitcoin is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, MaticNetwork USD withdraws 5.5% to trade around $1.07. After ending today's session at $303.43, Binance Coin lost $8.87 and is trading around $294.56.
Positive performances can be seen by looking at other markets as Litecoin is up 4.54% to $63.05.
Bitcoin hit a significant low of $15,900 around 2 days ago, but has since recovered 10.8%.