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June 24, 2023On an 11 day uptrend, Today's session might suggest a slow down — a mostly flat day so far for Bitcoin, ranging between $30,479 and $30,800; currently at $30,700.
This uncertain state for Bitcoin is reflected by published market data as United States Services PMI came out at 54.1, while a consensus of analysts was expecting 54. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Bitcoin is currently 'overbought' which suggests new gains will be harder to obtain. Asset volatility analysis shows that Bitcoin's upper Bollinger Band® is at $31,200, suggesting that a downward move may follow. Visual analysis of Bitcoin's chart shows that Bitcoin is approaching key support, around $621.53 away from $30,081. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Notwithstanding Bitcoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token added 9.54% to its value, now trading at $1.36. Bitcoin Cash is up 5.36%.
A day ago Bitcoin reached a significant high of $30,941 but has consequently lost 0.88% since then.
