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June 29, 2023
Bitcoin is on a 16 day uptrend, gaining a total of 20.93%. Heading in the same direction for now — after closing at $30,081 today, Bitcoin began today at $30,081 with significant bullish sentiment driving Bitcoin's price action higher. So far today, price action has drawn out a distinct $30,072 to $30,400 range.
Bitcoin is currently trading at $30,400 following the release of Fed Chair Powell speech data from the United States.
On the flip side, following a previous reading of -3.83 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1.76 million figure expected by analysts with an actual reading of -9.60 million.
Meanwhile, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.
Bitcoin made an initial breakout above its 5 day Simple Moving Average at $30,300, a potential indicator of a newly emerging bullish phase. In contrast, Bitcoin could be slowing down soon as it approaches resistance at $30,443. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Bitcoin might continue pointing upwards in the short term.
Other markets are also showing gains as 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 $225.23, Bitcoin Cash is up 2.14% today to currently trade at around $230.05.
Also worthy of note, United States GDP projected to decline to 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.
Also worthy of note, United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.
Bitcoin reached a significant high of $30,700 around 7 days ago but has lost 2.04% since then.
