Bitcoin drops $227.15 early on and steadies around the $19,351 level.
Bitcoin made an initial break below its 21 day Simple Moving Average at $19,400, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $19,931 which indicates a further downward move may follow. Despite this, Bitcoin could begin to recover as it approaches significant support, now $156.59 away from $19,200. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Ripple is trading around $0.456 (down $0.013). Bitcoin Cash retreats 2.04% to trade around $108.67. EOS is down $0.023 from the beginning of the session and now trades around $1.07.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence expected to decline to 106.5 while its preceding data was 108, data will be available tomorrow at 14:00 UTC.
Trending positively for about a month. 11 months ago Bitcoin reached a significant high of $67,600 but has consequently lost 71.03% since then.