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March 15, 2023
While Bitcoin is on a 5 day bullish trend, Today's session might suggest a slow down — Bitcoin trades at $24,735, after ending today at $24,735.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Bitcoin price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Bitcoin's upper Bollinger Band® is at $25,200, suggesting that a downward move may follow.
Notwithstanding Bitcoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen elsewhere as FTX Token is up 9.54%. NEAR Protocol added 3.93% to its value, now trading at $2.12.
Furthermore, the market is looking at United States Retail Sales projected to decline to -0.3% while previous data was 3%; data will be released today at 12:30 UTC. United States Core Retail Sales expected to decline to -0.1% while its preceding data was 2.3%, data will be available today at 12:30 UTC. As things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of 0.3%, following on from the preceding figure of 0.7%. New data is set to be published today at 12:30 UTC.
Bitcoin has managed to gain 44.27% so far this year despite trading at lows around $15,759 previously.
