Having closed today at $28,283, Bitcoin increases to 30,000 (meaning it is currently trading at $30,200).

Bitcoin is currently trading at $30,200 following the release of Fed Chair Powell testimony data from the United States.

At the same time, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954. Data for United States Housing Starts published yesterday at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%.

Investors are seeking long positions as Bitcoin price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Bitcoin has just crossed its upper Bollinger Band® at $28,825, suggesting further gains could be on the cards. Despite this, Bitcoin reversed direction at $28,500 resistance zone and retreated back $1,703 below it. First developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Bitcoin's case, the RSI has fallen below 30, indicating the asset is oversold.

Overall, looking at the technical analysis landscape, it seems Bitcoin might continue pointing upwards in the short term.

Bitcoin shows positive signs, other assets are also on par: having closed the previous session at $109.92, Bitcoin Cash is up 24.08% today to currently trade at around $136.39. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Litecoin ascends 6.1% to trade around $85.16.

Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.

Also worthy of note, tomorrow at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.

Furthermore, the market is looking at United States Existing Home Sales (May) scheduled to come out tomorrow at 14:00 UTC. United States Fed Chair Powell testimony is scheduled for tomorrow at 14:00 UTC.

Bitcoin has gained 67.09% since its lowest print of $15,759 earlier this year.