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March 16, 2023
After closing the previous trading day at $24,400, Bitcoin is up to $24,849, which makes for a move of 1.82%/$449.25 today.
Bitcoin is currently trading at $24,849 following the release of Building Permits (Feb) data from the United States.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $25,222, thereby suggesting that Bitcoin is becoming overvalued.
Overall, while Bitcoin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Binance Coin gained 6.46% and is now trading at $327.46. FTX Token gained 9.54% and is currently trading at $1.36. Having closed the previous session at $1.15, Tezos USD is up 3.59% today to currently trade at around $1.19.
Bitcoin has managed to gain 45.13% so far this year despite trading at lows around $15,759 previously.
