| 
June 23, 2023
Bitcoin continues a 10 day uptrend, gaining a total of 19.44%. Today's session so far looks to be heading in the same direction — marginally higher but lacking a clear-cut direction, Bitcoin is trading at $30,000 after ranging between $29,869 and $30,139 today.
United States Services PMI is next today at 13:45 UTC.
On the flip side, following a previous reading of 7.92 million, Crude Oil Inventories in United States released yesterday at 15:00 UTC fell short of the 329,000 figure expected by analysts with an actual reading of -3.83 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).
Meanwhile, United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
Bitcoin could be slowing down soon as it approaches resistance at $30,536. Of course, crossing it might suggest further gains are ahead. Despite posting gains so far today, Bitcoin slid below its 3 day Simple Moving Average at $29,500 in earlier trade — an early indicator that a negative trend could be emerging. Bitcoin's upper Bollinger Band® is at $30,344, this is a slight indication of a slowdown.
Technical analysis of Bitcoin price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Bitcoin shows positive signs, other assets are also on par: Bitcoin Cash is up 6.73%. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Also worthy of note, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 82.78% year to date.
