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March 11, 2023
After closing at $20,200 today, Bitcoin began today at $20,200 with significant bullish sentiment driving Bitcoin's price action higher. So far today, price action has drawn out a distinct $20,069 to $20,800 range.
This move comes while some more positive signs for Bitcoin are out as United States Non Farm Payrolls released yesterday at 13:30 UTC is better than expected at 311,000 but down from preceding data of 504,000 according to new data.
On the flip side, highly important Unemployment Rate data from United States beat analyst expectations of 3.4 with a reading of 3.6.
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $20,817, a potential indicator of a newly emerging bullish phase. Bitcoin's lower Bollinger Band® is at $19,844, indicating that the market is oversold and fertile for new buyers. In contrast, although Bitcoin is appreciating today after rising as high as $20,800, price action is now slowing and consolidating around $240.62 below the $20,500 resistance level.
Bitcoin continues to move higher with technical analysis indicating the trend will continue in the short term.
Other markets are also showing gains as FTX Token leaps up 9.54% to trade around $1.36.
At the same time, EOS closed at $0.979 (down 6.33%). After ending today's session at $71.63, Litecoin lost $4.02 and is trading around $67.61.
Bitcoin has fallen back around 57.43% from the significant high of $47,466 set 11 months ago.
