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April 13, 2023
Tentatively higher from an earlier low of $29,900, Bitcoin is up to $30,324 today, adding $423.77, or 1.37%, to today's closing price of $29,900.
Uptick comes while some more positive signs for Bitcoin are out as United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.
On the flip side, following a previous reading of 0%, Producer Price Index in United States released today at 12:30 UTC fell short of the 0.1% figure expected by analysts with an actual reading of -0.5%. United States Initial Jobless Claims published today at 12:30 UTC came out at 239,000, falling short of the 232,000 projections and continuing its decline from the previous 228,000 figure.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $29,972, a potential indicator of a newly emerging bullish phase. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $30,700, thereby suggesting that Bitcoin is becoming overvalued. Bitcoin reversed direction at $30,600 resistance zone and retreated back $272.4 below it.
According to technical analysis, it looks as if Bitcoin likely to continue pointing upward in the short term.
Bitcoin shows positive signs, other assets are also on par: FTX Token leaps up 9.54% to trade around $1.36. Having closed the previous session at $1,919, Ethereum is up 4.65% today to currently trade at around $2,008.33. Dogecoin rises 4.72% to trade around $0.087.
Furthermore, the market is looking at United States Core Retail Sales projected to decline to -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC.
Elsewhere, United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
Registering some good gains for about a month now. Bitcoin has managed to gain 80.31% so far this year despite trading at lows around $15,759 previously.
