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June 25, 2023
Bitcoin is on a 12 day bullish run gaining $5,427 (22.08%). Today's session so far looks to be heading in the same direction — currently trading at $30,673, Bitcoin remains range-bound between $30,500 and $30,681.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $30,580, a potential indicator of a newly emerging bullish phase. On the other hand, note that Bollinger Band® analysis indicates that current price action is approaching the upper band at $31,500, thereby suggesting that Bitcoin is becoming overvalued. Bitcoin is $187.73 away from testing key resistance at $30,861. Peaking above this level could inspire market bulls and open the path to further gains.
According to technical analysis, it looks as if Bitcoin likely to continue pointing upward in the short term.
Other markets are also showing gains as FTX Token rallies 9.54% to trade around $1.36. Tezos USD is up 2%.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 84.83% year to date.
