Without a clear-cut direction, Bitcoin is trading around $30,429 and ranging between $30,329 and $30,574.
This uncertain state for Bitcoin is reflected by published market data as highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. United States Retail Sales published yesterday at 12:30 UTC came out at -1%, falling short of the -0.4% projections and continuing its decline from the previous -0.2% figure. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Bitcoin made an initial break below its 3 day Simple Moving Average at $30,400, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Bitcoin's upper Bollinger Band® is at $30,936, suggesting that a downward move may follow. In contrast, Bitcoin is approaching key support, around $450.64 away from $29,978. 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.
According to technical indicators, Bitcoin is positioned for a downward move in the short term.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token jumps 9.54% to trade around $1.36. Cardano is up 4.88% to $0.459. Having closed the previous session at $2.22, NEAR Protocol is up 5.43% today to currently trade at around $2.34.
Registering some good gains for about a month now. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 82.7% year to date.
