The sentiment that generated $7,860.52 in cumulative gains over the past 5 days was further evident for Bitcoin. This session seems to remain in the same lane for now — after closing the previous trading day at $28,100, Bitcoin is up to $28,323, which makes for a move of 0.83%/$223.45 today.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Bitcoin has just crossed its upper Bollinger Band® at $26,300, suggesting further gains could be on the cards. In contrast, 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.
Overall, looking at the technical analysis landscape, it seems Bitcoin might continue pointing upwards in the short term.
Other markets are also showing gains as FTX Token is up 9.54% to $1.36. Having closed the previous session at $22, Solana is up 5.79% today to currently trade at around $23.27.