After closing the previous trading day at $18,880, Bitcoin is up to 20,908, which makes for a move of 10.74%/$2,019.75 today.
At the same time, United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of -8,200, while the previous figure was 1,400. United States CFTC Crude Oil speculative net positions came out at 205,200. Fresh CFTC Gold speculative net positions data from United States came out at 141,700.
Technical analysis trend indicators suggest that 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 in a strong overbought condition. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $19,400, thereby suggesting that Bitcoin is becoming overvalued. As the day gets underway, chart analysis suggests Bitcoin's nearest support level is at $18,719.
Overall, while Bitcoin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Registering some good gains for about a month now. This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 13.19% year to date.