Bitcoin recovers back to $23,500 after dipping down to $23,251 today, in a session that followed a closing value of $23,500.
- United States Consumer Confidence is next today at 15:00 UTC.
- While mostly sideways today, Bitcoin is on an 11 day bearish trend during which it lost $1,124.
Earlier data releases related to Bitcoin – highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%.
Technical analysis of Bitcoin before macro data is released:
Bitcoin made an initial break below its 21 day Simple Moving Average at $23,300, a possible indication of a forthcoming negative trend. On the other hand, note that Bitcoin reversed direction at $23,384 support zone and climbed $116.26 above it.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.
Coming up for Bitcoin — tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million. United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published today at 15:00 UTC.
As the markets get ready for more data to be released — FTX Token is up 9.54%. EOS added 3.53% to its value, now trading at $1.17. UNICORN Token USD stumbles 2.98% to trade around $6.43.
Bitcoin has gained 40.9% since its lowest print of $15,759 earlier this year.