During a 3 day uptrend, Bitcoin gained a total of $838.77, or 4.76%. Bucking the trend and turning lower, struggling to find upward momentum, Bitcoin has shed $100 to currently trade at $16,500 as it ranges between $16,500 and $16,771 so far today.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -3.69 million.
On the flip side, United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.9% with new data of 0.5%.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
Trend analysis indicates that Bitcoin made an initial break below its 10 day Simple Moving Average at $16,500, a possible indication of a forthcoming negative trend. Chart analysis indicates Bitcoin could begin to recover as it approaches significant support, now $253.68 away from $16,256. Dipping below could be an indication that further losses are ahead.
Overall, while Bitcoin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $76.88, losing $1.9, after closing at $78.78 in the preceding trading session. Algorand USD is down to $0.239, losing $0.007, after closing at $0.246 in the preceding trading session.
Having set a significant high of $58,932 3 days ago, Bitcoin is trading 5.32% lower.