Stable at $29,300 and still trending upwards, Today's session might suggest a slow down — Bitcoin is now trading at $29,300 after tracing out a steady $29,227 – $29,432 range today.
This uncertain state for Bitcoin is reflected by published market data as United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions came out at 236,400. Fresh CFTC Gold speculative net positions data from United States came out at 185,300.
Bitcoin made an initial break below its 3 day Simple Moving Average at $29,149, a possible indication of a forthcoming negative trend. Despite this, Bitcoin is approaching key support, around $293.44 away from $29,000. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token added 9.54% to its value, now trading at $1.36. TRON moves up 0.84% to trade around $0.067.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 76.89% year to date.