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March 13, 2023
The sentiment that generated $1,948.5 in cumulative gains over the past 4 days was further evident for Bitcoin. As the session continues, it seems to maintain one direction — Bitcoin is rallying again to $22,543 (up $364.82), after erasing earlier gains.
Bitcoin made an initial breakout above its 21 day Simple Moving Average at $22,683, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $22,100 to $22,635, Fibonacci-inclined Bitcoin traders were highly concentrated around active Fibonacci resistance at $22,433. In contrast, Bitcoin could be slowing down soon as it approaches resistance at $23,423. 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.
Bitcoin shows positive signs, other assets are also on par: FTX Token is up 9.54% to $1.36. Having closed the previous session at $290.52, Binance Coin is up 5% today to currently trade at around $305.08.
Also worthy of note, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
11 months ago Bitcoin reached a significant high of $47,466 but has consequently lost 53.27% since then.
