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March 25, 2023
While Bitcoin is on a 5 day bullish trend, Today's session might suggest a slow down — Bitcoin trades at $27,421, 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 $25,964, indicating possible gains could follow. On the other hand, note that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Bitcoin's case, the RSI has fallen below 30, indicating the asset is oversold.
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 Ripple is up 6.46%. FTX Token rallies 9.54% to trade around $1.36.
