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May 13, 2023
While on a 9 day downtrend Today is looking a bit better: a mostly flat day so far for Bitcoin, ranging between $26,722 and $26,970; currently at $26,841.
This uncertain state for Bitcoin is reflected by published market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. Fresh CFTC Gold speculative net positions data from United States came out at 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
Bitcoin is approaching key support, around $959.29 away from $25,881. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Bitcoin made an initial breakout above its 3 day Simple Moving Average at $27,225, a potential indicator of a newly emerging bullish phase. Bitcoin's upper Bollinger Band® is at $30,223 and the lower is $26,300.
Overall, looking at the technical analysis landscape, it seems Bitcoin might be pointing upward in the short term.
At the same time, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Trending downwards for around 30 days. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 58.2% year to date.
