Bitcoin remains range-bound within a $16,571 to $16,800 range but falls to $16,571 in choppy trade.
Bitcoin chart analysis: Bitcoin could begin to recover as it approaches significant support, now $78 away from $16,649. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that despite being in the red so far in the current trading session, Bitcoin peaked above its 3 day Simple Moving Average around $16,924 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $16,458, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.
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 $1.04, FTX Token lost $0.154 and is trading around $0.888. Dogecoin is down to $0.072, losing $0.006, after closing at $0.079 in the preceding trading session. Algorand USD drops 7% to trade around $0.176.
Furthermore, United States Building Permits (Nov) is expected tomorrow at 13:30 UTC.
Bitcoin is now trading 67.3% below the significant high of $51,273 it set around 11 months ago.