| 
May 20, 2023
While on a 16 day downtrend Today is looking a bit better: Bitcoin is now trading at $26,916 after tracing out a steady $26,846 – $26,940 range today.
Bitcoin's state is reflected by market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 179,800, while the previous figure was 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 20,000, while the previous figure was 21,400.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $26,971, a potential indicator of a newly emerging bullish phase. Bitcoin's upper Bollinger Band® is at $29,430 and the lower is $25,872. Bitcoin is approaching key support, around $209.55 away from $26,700. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.
Other markets show mixed performance as FTX Token is up 9.54% to $1.36. TRON goes up 2.49% to trade around $0.072.
Pointing downwards for around a month. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 61.59% year to date.
