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June 04, 2023
After closing at $27,066 today, Bitcoin began today at $27,066 with significant bullish sentiment driving Bitcoin's price action higher. So far today, price action has drawn out a distinct $26,971 to $27,274 range.
Support/Resistance levels obtained from chart analysis indicate that Bitcoin is $55.13 away from testing key resistance at $27,262. Peaking above this level could inspire market bulls and open the path to further gains. Technical analysis trend indicators suggest that Bitcoin made an initial breakout above its 21 day Simple Moving Average at $27,074, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bitcoin's upper Bollinger Band® is at $27,900, this is a slight indication of a slowdown.
With market volatility ebbing, the current technical outlook indicates Bitcoin will remain range-bound for the immediate future.
Bitcoin shows positive signs, other assets are also on par: FTX Token is up 9.54%. Ripple improves 3.39% to trade around $0.537. Solana gained 4.62% and is now trading at $22.19.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (May) will be released tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.
Trending downwards for around a month. Bitcoin has gained 63.54% since its lowest print of $15,759 earlier this year.
