While Bitcoin is on a 16 day bullish trend, Today's session might suggest a slow down — without a clear-cut direction, Bitcoin is trading around $17,051 and ranging between $17,049 and $17,100.
Bitcoin's state is reflected by market data as United States API Weekly Crude Oil Stock came out at -6.43 million, while a consensus of analysts was expecting -3.88 million. United States Trade Balance (Oct) released yesterday at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Bitcoin's upper Bollinger Band® is at $17,400, suggesting that a downward move may follow. Despite this, Bitcoin is approaching key support, around $122.05 away from $16,929. 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.
Meanwhile, mixed performances are seen elsewhere as FTX Token is down $0.037 from the beginning of the session and now trades around $1.42. Ripple is trading around $0.386 (down $0.005).
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC. United States Initial Jobless Claims projected to come out at 230,000 — worse than previous data of 225,000; data will be released tomorrow at 13:30 UTC.
Bitcoin is now trading 66.68% below the significant high of $51,273 it set around 11 months ago.