Bullish phase under threat as Bitcoin stays range-bound

On a 5 day uptrend, Today's session might suggest a slow down — Bitcoin trades at $27,555, after ending today at $27,500.

The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. The upper Bollinger Band® for Bitcoin stands at $26,000, indicating possible gains could follow. In contrast, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Bitcoin's case, the index has risen above 70, signalling that the asset is overbought.

Despite muted price action in Bitcoin, chart analysis indicates it is positioned for a bullish run in the short term.

While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. Bitcoin Cash rises 1.1% to trade around $125.36.