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March 18, 2023
During a 5 day uptrend, Bitcoin gained a total of $7,216.29, or 34.83%. Now turning against its recent performance, Bitcoin is down to $27,275, after ending today at $27,446. Overall, a 0.62% loss or $170.94 today.
Investors are seeking long positions as Bitcoin price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Having crossed the upper Bollinger Band® at $25,900, Bitcoin could be headed for an upward correction. 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 suffering losses in today's session, technical analysis is indicating that Bitcoin will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, TRON slumps 1.55% to trade around $0.067.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Bitcoin hit a significant low of $15,759 around 3 months ago, but has since recovered 74.16%.
