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March 14, 2023
The sentiment that generated $3,975 in cumulative gains over the past 5 days was further evident for Bitcoin. This session seems to remain in the same lane for now — after closing the previous trading day at $24,200, Bitcoin is up to $24,479, which makes for a move of 1.13%/$278.67 today.
United States Consumer Price Index is next today at 12:30 UTC.
At the same time, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Bitcoin's upper Bollinger Band® is at $25,145, this is a slight indication of a slowdown.
Overall, while Bitcoin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as FTX Token is up 9.54%. UNICORN Token USD gained 2.05% and is currently trading at $6.6.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of 3%. Projections for United States Core Retail Sales are set for a continuation of decline with -0.1% while previous data was 2.3%; data will be released tomorrow at 12:30 UTC. United States Producer Price Index projected to decline to 0.3% while previous data was 0.7%; data will be released tomorrow at 12:30 UTC.
Bitcoin has managed to gain 45.68% so far this year despite trading at lows around $15,759 previously.
