Full steam ahead for Bitcoin as 18 days uptrend continues

Bitcoin is on an 18 day bullish run gaining $2,771.25 (11.06%). Consistent for now — tentatively higher from an earlier low of $29,900, Bitcoin is up to $30,144 today, adding $244.44, or 0.77%, to today's closing price of $29,900.

Uptick comes while some more positive signs for Bitcoin are out as United States Crude Oil Inventories beat analyst expectations of -583,000 and the previous reading of -3.74 million with new data of 597,000.

At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.

Bitcoin made an initial breakout above its 3 day Simple Moving Average at $29,972, a potential indicator of a newly emerging bullish phase. On the other hand, note that Bitcoin could be slowing down soon as it approaches resistance at $30,300. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $30,342, thereby suggesting that Bitcoin is becoming overvalued.

According to technical analysis, it looks as if Bitcoin likely to continue pointing upward 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. UNICORN Token USD climbs 1.62% to trade around $6.47.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.

Furthermore, the market is looking at United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to decline to 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.

Trending positively for about a month. Bitcoin has managed to gain 80.31% so far this year despite trading at lows around $15,759 previously.