During a 7 day uptrend, Bitcoin gained a total of $1,732, or 8.66%. Now turning against its recent performance, slightly weaker but mostly flat: Bitcoin is currently trading at $20,700 as it maintains an active range between $20,700 and $20,850.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to 0.2%. Potentially significant price fluctuations in Bitcoin are expected to follow.
Nonetheless, encouraging indicators for Bitcoin published earlier when United States Crude Oil Inventories came out at 2.59 million, better than analyst estimates of 1 million and improving upon the previous reading of -1.73 million.
Amid the market gloom, United States New Home Sales (Sep) released yesterday at 14:00 UTC with a figure of 603,000, while the previous figure was 677,000. United States 5-Year Note Auction came out at 4.192.
Technical analysis shows that Bitcoin could begin to recover as it approaches significant support, now $607.28 away from $20,100. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Bitcoin price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Bitcoin's upper Bollinger Band® is at $20,270 which indicates a further downward move may follow.
Notwithstanding Bitcoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Ethereum closed at $1,551 (down 0.99%).
Positive performances can be seen by looking at other markets as Dogecoin leaps up 7.38% to trade around $0.078.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to -5% from the preceding figure of -2%. United States Core Durable Goods Orders expected to decline to 0.2% while its preceding data was 0.3%, data will be available today at 12:30 UTC.
In addition, United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC.
Registering some good gains for about a month now. 11 months ago Bitcoin reached a significant high of $67,600 but has consequently lost 69.26% since then.