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June 02, 2023
Bitcoin trades at $27,136 after gaining $319.46 (1.19%).
United States Average Hourly Earnings data will be released today at 12:30 UTC, with an expected decline to 0.4%.
Uptick comes while some more positive signs for Bitcoin are out as United States Crude Oil Inventories came out at 4.49 million, better than analyst estimates of -1.10 million and improving upon the previous reading of -12.46 million. United States Initial Jobless Claims released yesterday at 12:30 UTC is better than expected at 232,000 but down from preceding data of 230,000 according to new data.
At the same time, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
Visual analysis of Bitcoin's chart shows that after reaching the known resistance zone beginning at $27,229, Bitcoin price action retreated approximately $92.31. Trend-focused traders would be interested to note that Bitcoin made an initial breakout above its 21 day Simple Moving Average at $27,039, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bitcoin's upper Bollinger Band® is at $27,900, this is a slight indication of a slowdown.
All in all, the technical analysis suggests Bitcoin has no clear-cut direction.
Bitcoin shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. TRON goes up 2.07% to trade around $0.076. EOS gained 2.6% and is now trading at $0.907.
Also worthy of note, today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. United States Average Hourly Earnings projected to decline to 0.4% while previous data was 0.5%; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
On a negative trend for around a month. Bitcoin has managed to gain 61.82% so far this year despite trading at lows around $15,759 previously.
