The price of Bitcoin is $27,460 today with a 24hour trading volume of 8.6 billion dollar. This represents a -3% price decline in the last 24 hours and a -6% price decline in the past 7 days
In terms of technical analysis, it is not looking good for Bitcoin in the short term. The MACD line is below the neutral zone, indicating that there are more sellers than buyers in the market.
We have a Head & Shoulders pattern completed on daily and we are testing the neckline of the one, looking for a correction to 25k in case we break below the neckline and confirm the pattern
we have two important support levels, the orange line which shows the daily uptrend and blue one at 27k, bulls lost point of control at 28k and today candle is under EMA 50
Bitcoin has been underperforming since the United States inflation figures came out earlier this week. The inflation figure in the United States remains high, indicating that the Federal Reserve could continue with its interest rate hikes however, if the Federal Reserve pauses its rate hikes, assets like Bitcoin could be one of the biggest winners