Bitcoin posts light gains on a low-volatility day, ranging between $20,456 – $20,636 and is now at $20,623.
United States ISM Manufacturing PMI (Oct) is next today at 14:00 UTC.
At the same time, United States OPEC Crude Oil Production Algeria (Barrel) released yesterday at 15:00 UTC with a figure of 1 million, while the previous figure was 1 million. Fresh OPEC Crude Oil Production Congo (Barrel) data from United States came out at 270,000. United States OPEC Crude Oil Production Gabon (Barrel) released yesterday at 15:00 UTC with a figure of 200,000, while the previous figure was 200,000.
Trend analysis indicates that Bitcoin made an initial breakout above its 5 day Simple Moving Average at $20,620, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bitcoin's upper Bollinger Band® is at $21,128, this is a slight indication of a slowdown. Technical chart analysis shows Bitcoin could be slowing down soon; it is getting close to the resistance line and is now at $20,924, only $300.7 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Notwithstanding Bitcoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as having closed the previous session at $0.127, Dogecoin is up 15.25% today to currently trade at around $0.146. Ethereum ascends 1.54% to trade around $1,595.43. Having closed the previous session at $0.406, Cardano is up 1.82% today to currently trade at around $0.413.
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 267,000 from the preceding figure of 2.59 million.
Elsewhere, United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) is scheduled for tomorrow at 12:15 UTC.
On an upward trend for about a month now. Bitcoin is now trading 69.7% below the significant high of $67,600 it set around 11 months ago.