Tentatively higher from an earlier low of $20,200, Bitcoin is up to $20,600 today, adding $400, or 1.96%, to today's closing price of $20,200.
United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 200,000.
Bitcoin upside coincides with further encouraging market factors as data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 217,000, beating projections of 220,000 and showing improvement over the preceding figure of 218,000.
At the same time, United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. New Factory Orders data from United States matched market expectations with a reading of 0.3% — a positive step in contrast to previous data of 0.2% from last month.
Chart analysis indicates Bitcoin broke through the $20,400 resistance, climbing $219.14 above it. Trend-following investors would be interested to note that Bitcoin made an initial breakout above its 10 day Simple Moving Average at $20,469, a potential indicator of a newly emerging bullish phase. 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.
All in all, the technical analysis suggests Bitcoin has no clear-cut direction.
Other markets are also showing gains as having closed the previous session at $0.953, MaticNetwork USD is up 16.73% today to currently trade at around $1.11. Ripple is up 9.94%. Having closed the previous session at $329.56, Binance Coin is up 6.59% today to currently trade at around $351.27.
Also worthy of note, United States Non Farm Payrolls projected to decline to 200,000 while previous data was 263,000; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
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 70.1% since then.