Bitcoin trades at $30,200 after United States Fed Chair Powell testimony

Small gain for Bitcoin at $30,200 after ranging between $29,921 and $30,483 today.

• Bitcoin is currently trading at $30,200 following the release of Fed Chair Powell testimony data from the United States.
• Today's gains are adding to Bitcoin's a 9 day bullish trend, during which it gained a total of $4,852.18.

United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).

Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Bitcoin is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Bitcoin's upper Bollinger Band® is at $29,917, this is a slight indication of a slowdown. Analysis of Bitcoin's recent price action suggests although Bitcoin is appreciating today after rising as high as $30,483, price action is now slowing and consolidating around $844.87 below the $31,039 resistance level.

Overall, while Bitcoin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Today 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. United States Services PMI is expected tomorrow at 13:45 UTC.

Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $0.287, Cardano is up 2.64% today to currently trade at around $0.294. Litecoin gained 1.36% and is currently trading at $86.21.

Bitcoin has gained 81.53% since its lowest print of $15,759 earlier this year.