| 
April 22, 2023
While in the midst of a 5 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Tentatively higher from an earlier low of $27,175, Bitcoin is up to $27,627 today, adding $352.66, or 1.29%, to today's closing price of $27,274.
Meanwhile, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. Fresh CFTC Gold speculative net positions data from United States came out at 189,900.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $27,630, a potential indicator of a newly emerging bullish phase. Bitcoin's lower Bollinger Band® is at $26,700, indicating that the market is oversold and fertile for new buyers. Despite this, Bitcoin could be slowing down soon as it approaches resistance at $28,042. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Bitcoin might continue its downtrend in the short term.
Bitcoin shows positive signs, other assets are also on par: FTX Token soars 9.54% to trade around $1.36. Ripple increases 4.83% to trade around $0.472.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 64.85% year to date.
