Bitcoin is consolidating around the $16,200 level after dropping $253.71 at the start of the trading session.
Chart analysis indicates Bitcoin reversed direction at $16,341 support zone and climbed $148.28 above it. Trend analysis indicates that Bitcoin made an initial break below its 10 day Simple Moving Average at $16,439, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Bitcoin's lower Bollinger Band® is at $15,765, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
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, Binance Coin retreats 4.65% to trade around $294.26. Ripple is down to $0.379, losing $0.018, after closing at $0.397 in the preceding trading session. Dogecoin draws back 4.31% to trade around $0.095.
Looking ahead, ongoing depreciation may be prolonged as United States Consumer Confidence projected to come out at 100 — worse than previous data of 102.5; data will be released tomorrow at 15:00 UTC.
Approximately 11 months ago, Bitcoin reached a significant high of $58,932 but has struggled to hold onto its gains and declined 72.08% since then.