Bitcoin trades at $30,616 after United States Consumer Confidence beats expectations with 109.7

Tentatively higher from an earlier low of $30,246, Bitcoin is up to $30,616 today, adding $349.31, or 1.15%, to today's closing price of $30,267.

• New United States Consumer Confidence improved upon the previous 102.5 figure while also exceeding analyst expectations with a reading of 109.7.
• Bitcoin has gained $5,142 over the past 14 days, and today's session seems to be adding to the current uptrend.

United States New Home Sales (May) released today at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000. Data for United States Consumer Confidence published today at 14:00 UTC came out at 109.7, beating projections of 104 and showing improvement over the preceding figure of 102.5.

Chart analysis suggests Bitcoin broke through the $30,554 resistance and climbed above it $62.09; next resistance level is at $30,849. Trend-focused traders would be interested to note that Bitcoin made an initial breakout above its 5 day Simple Moving Average at $30,400, a potential indicator of a newly emerging bullish phase. Momentum evaluation shows that 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. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $32,072, thereby suggesting that Bitcoin is becoming overvalued.

Notwithstanding Bitcoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Fed Chair Powell speech scheduled to come out tomorrow at 13:30 UTC.

Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Bitcoin Cash gained 1.74% and is currently trading at $226.78. MaticNetwork USD moves up 2.72% to trade around $0.662.

5 days ago Bitcoin reached a significant high of $30,700 but has consequently lost 1.44% since then.