Bitcoin drops from $16,364 to $15,900, losing $463.82 (2.82%) today.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Bitcoin formed a session range of $15,876 to $16,384 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $15,900. Analysis based on the asset volatility indicates that Bitcoin's lower Bollinger Band® is at $15,600, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis of Bitcoin's past price action reveals multiple support and resistance levels: Bitcoin could begin to recover as it approaches significant support, now $233.25 away from $16,135. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Bitcoin will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, TRON is down $0.005 from the beginning of the session and now trades around $0.046. Algorand USD drops 8.83% to trade around $0.24.
Positive performances can be seen by looking at other markets as FTX Token surges 11.19% to trade around $1.64.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.5%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Approximately a year ago, Bitcoin reached a significant high of $65,272 but has struggled to hold onto its gains and declined 74.93% since then.