Tentatively higher from an earlier low of $20,148, Bitcoin is up to $20,380 today, adding $221.19, or 1.1%, to today's closing price of $20,159.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 220,000.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of 367,000 with a reading of -3.12 million.
At the same time, United States Interest Rate came out at four, while a consensus of analysts was expecting four. United States ADP Nonfarm Employment Change (Oct) released yesterday at 12:15 UTC with a figure of 239,000, while the previous figure was 192,000.
Chart analysis indicates Bitcoin could be slowing down soon as it approaches resistance at $20,600. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that Bitcoin made an initial breakout above its 10 day Simple Moving Average at $20,300, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $20,148 to $20,381, Fibonacci-inclined Bitcoin traders were highly concentrated around active Fibonacci resistance at $20,229. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $21,200, thereby suggesting that Bitcoin is becoming overvalued.
Notwithstanding Bitcoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Bitcoin shows positive signs, other assets are also on par: MaticNetwork USD surges 9.89% to trade around $0.959. Chainlink USD is up 5.96%. Dogecoin gained 4.27% and is now trading at $0.133.
Also worthy of note, projections for United States Non Farm Payrolls are set for a continuation of decline with 200,000 while previous data was 263,000; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published tomorrow at 12:30 UTC.
Elsewhere, United States ISM Non-Manufacturing PMI (Oct) will be released today at 14:00 UTC.
Trending positively for about a month. Approximately 11 months ago, Bitcoin reached a significant high of $67,600 but has struggled to hold onto its gains and declined 70.17% since then.