Bitcoin eyes United States Core Consumer Prices today at 12:30 UTC, trades at $26,118

Bitcoin trades at $26,118 after gaining $218.36 (0.84%).

• United States Core Consumer Prices is next today at 12:30 UTC.
• In contrast to today's gains, Bitcoin has been on an 8 day bearish trend during which it lost $1,341.67 of its value.

Earlier data releases related to Bitcoin – United States Federal Budget Balance (May) released yesterday at 18:00 UTC with a figure of -240 billion, while the previous figure was 176 billion. United States 10-Year Note Auction came out at 3.791.

Here is the technical analysis of Bitcoin before macro data is released:

Bitcoin made an initial breakout above its 5 day Simple Moving Average at $26,200, a potential indicator of a newly emerging bullish phase. Bitcoin's lower Bollinger Band® is at $25,359, indicating that the market is oversold and fertile for new buyers. On the other hand, note that after reaching the known resistance zone beginning at $26,044, Bitcoin price action retreated approximately $73.92.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Bitcoin is expected to pick up significant bullish sentiment in the coming days.

Coming up for Bitcoin — United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC. As things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.2%. New data is set to be published tomorrow at 12:30 UTC.

As the markets get ready for more data to be released — FTX Token is up 9.54% to $1.36. Having closed the previous session at $0.526, Ripple is up 6.09% today to currently trade at around $0.558. Binance Coin is up 2.56%.

On a negative trend for around 2 months. Over the past 2 months, Bitcoin has retreated 15.06% from a noteworthy peak of $30,500.