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April 11, 2023Bitcoin rallied to $30,300, hitting its highest point in 10 months. It later lost $180.17 and is now trading at $30,120.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Despite this, Bitcoin could be slowing down soon as it approaches resistance at $29,951. Of course, crossing it might suggest further gains are ahead. The RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Bitcoin's case, the index has risen above 70, signalling that the asset is overbought.
Overall, looking at the technical analysis landscape, it seems Bitcoin likely to continue pointing upward in the short term.
Bitcoin shows positive signs, other assets are also on par: FTX Token is up 9.54% to $1.36. Solana is up 7.14%. Binance Coin gained 3.7% and is now trading at $330.31.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million, having previously been at -3.74 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 5.2%. It previously stood at 6%; data will be released tomorrow at 12:30 UTC.
Trending positively for about a month. Bitcoin now trading 65.11% above its 3-month low of $15,759.
