Late into the session, Bitcoin loses $401.67 (1.75%), currently trading at $22,573.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 190,000. Potentially significant price fluctuations in Bitcoin are expected to follow.
United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 2.42 million, falling short of the 2.46 million projections and continuing its decline from the previous 4.14 million figure.
Amid the market gloom, United States 10-Year Note Auction released yesterday at 18:01 UTC with a figure of 3.613, while the previous figure was 3.575. United States Cushing Crude Oil Inventories came out at 1 million.
Bitcoin made an initial break below its 21 day Simple Moving Average at $22,872, a possible indication of a forthcoming negative trend. Bitcoin broke through the $22,742 support line and dropped $169.26 below it. In contrast, Bollinger Bands® shows an indication of recovery: the lower band is at $22,420, a low enough level to, generally, suggest that Bitcoin is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Bitcoin.
In the meantime, negative performances are also seen in other markets, Algorand USD is down $0.016 from the beginning of the session and now trades around $0.273. TRON slumps 3.78% to trade around $0.064.
Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to decline to 190,000 while previous data was 183,000; data will be released today at 13:30 UTC.
On an upward trend for about 2 months now. Bitcoin has managed to gain 40.36% so far this year despite trading at lows around $15,759 previously.