Today at 15:00 UTC: United States Fed Chair Powell testimony, Bitcoin steady at $22,400

A mostly flat day so far for Bitcoin, ranging between $22,381 and $22,522; currently at $22,400.

• United States Fed Chair Powell testimony is next today at 15:00 UTC.
• While mostly sideways today, Bitcoin is on an 18 day bearish trend during which it lost $2,203.49.

Earlier data releases related to Bitcoin – data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.

Here is the technical analysis of Bitcoin before macro data is released:

Bitcoin made an initial breakout above its 5 day Simple Moving Average at $22,600, a potential indicator of a newly emerging bullish phase. Bitcoin's upper Bollinger Band® is at $25,027 and the lower is $21,850. Bitcoin reversed direction at $22,360 support zone and climbed $38.39 above it.

Although price action remains in a stalemate, technical analysis suggests Bitcoin could be primed for a break to the upside.

Coming up for Bitcoin — United States Crude Oil Inventories expected to decline to -308,000 while its preceding data was 1.17 million, data will be available tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Feb) scheduled to come out tomorrow at 13:15 UTC.

As the markets get ready for more data to be released — having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. EOS closed at $1.18 (down 2.44%). After ending today's session at $0.226, Algorand USD lost $0.006 and is trading around $0.22.

Bitcoin has gained 35.39% since its lowest print of $15,759 earlier this year.