Bitcoin has been up for four days in a row, gaining $385.81 to reach $27,240.

After closing the previous trading day at $26,854, Bitcoin tested the upside around $27,428 today before settling back around $27,240 as bullish sentiment faded.

Bitcoin is currently trading at $27,240 following the release of Fed Chair Powell speech data from the United States.

At the same time, United States New Home Sales (Apr) came out at 683,000, while a consensus of analysts was expecting 663,000. United States Services PMI released today at 13:45 UTC with a figure of 55.1, while the previous figure was 53.6. United States Building Permits released today at 12:00 UTC with a figure of 1.15 million, while the previous figure was 1.43 million.

Trend-focused traders would be interested to note that Bitcoin made an initial breakout above its 10 day Simple Moving Average at $27,000, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Bitcoin is oscillating around the key Fibonacci resistance level of $27,264. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $28,380, thereby suggesting that Bitcoin is becoming overvalued. Following today's trading session, chart analysis suggests Bitcoin could be slowing down soon; it is getting close to the resistance line and is now at $27,500, only $249.63 away. Crossing the resistance line could, however, suggest that further gains are ahead.

With market volatility ebbing, the current technical outlook indicates Bitcoin will remain range-bound for the immediate future.

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. Having closed the previous session at $309.27, Binance Coin is up 1.42% today to currently trade at around $313.65.

Meanwhile, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.

Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at -920,000 — worse than previous data of 5 million; data will be released tomorrow at 14:30 UTC.

Elsewhere, United States FOMC Meeting Minutes scheduled to come out tomorrow at 18:00 UTC.

Trending 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 65.28% year to date.