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April 27, 2023
Bitcoin trades at $28,726 after gaining $299.51 (1.05%).
Bitcoin upside coincides with further encouraging market factors as United States Core Durable Goods Orders beat analyst expectations of -0.2% and the previous reading of -0.3% with new data of 0.3%.
Nevertheless, Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million.
At the same time, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
Bitcoin made an initial breakout above its 21 day Simple Moving Average at $28,900, a potential indicator of a newly emerging bullish phase. In contrast, after reaching the known resistance zone beginning at $29,400, Bitcoin price action retreated approximately $671.72.
Overall, looking at the technical analysis landscape, it seems Bitcoin might continue pointing upwards in the short term.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Polkadot is up 1.4%.
Meanwhile, UNICORN Token USD is trading around $6.43 (down $0.197).
Also worthy of note, projections for United States Pending Home Sales are set for a continuation of decline with 0.5% while previous data was 0.8%; data will be released today at 14:00 UTC. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.
Bitcoin has managed to gain 65.12% so far this year despite trading at lows around $15,759 previously.
