Without a clear-cut direction, Bitcoin is trading around $16,936 and ranging between $16,878 and $17,072.
- Bitcoin is currently trading at $16,936 following the release of Unemployment Rate data from the United States.
- While flat so far today, Bitcoin is on an 11 day bullish trend, gaining a total of $1,215 throughout.
Highly important Non Farm Payrolls data from United States beat analyst expectations of 200,000 with a reading of 263,000. United States's Unemployment Rate published today at 13:30 UTC came out at 3.7. The fresh reading lived up to analyst expectations as well as matching the previous month's figure.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bitcoin's upper Bollinger Band® is at $17,168, suggesting that a downward move may follow. Analysis of Bitcoin's recent price action suggests Bitcoin is approaching key support, around $152.51 away from $16,783. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, while Bitcoin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Polkadot added 4.17% to its value, now trading at $5.63. After ending today's session at $0.1, Dogecoin lost $0 and is trading around $0.1. Ripple closed at $0.389 (down 1.84%).
Bitcoin hit a significant low of $15,759 around 11 days ago, but has since recovered 7.71%.