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March 27, 2023
During a 5 day uptrend, Bitcoin gained a total of $7,771, or 37.12%. Now turning against its recent performance, Bitcoin is down to $27,739, after ending today at $28,000. Overall, a 0.94% loss or $260.91 today.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Having crossed the upper Bollinger Band® at $26,075, 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.
Positive performances can be seen by looking at other markets as Ripple gained 7.46% and is now trading at $0.483. FTX Token is up 9.54%.
