Bitcoin got off to a strong start by gaining $380.91 (+2.31%), only to run out of steam later in the session around $17,021. Currently, Bitcoin is trading around the $16,836 level.
United States Crude Oil Inventories data will be released today at 15:30 UTC, with an expected improvement to -2.76 million (previous figure was -3.69 million).
This move comes while some more positive signs for Bitcoin are out as highly important Pending Home Sales data from United States beat analyst expectations of -5% with a reading of -4.6%. Highly important GDP data from United States beat analyst expectations of 2.7 with a reading of 2.9.
At the same time, United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
Analysis of Bitcoin's recent price action suggests Bitcoin broke through the $16,619 resistance and climbed above it $217.21; next resistance level is at $16,800. Trend-focused traders would be interested to note that Bitcoin made an initial breakout above its 21 day Simple Moving Average at $16,631, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bitcoin's upper Bollinger Band® is at $17,100, this is a slight indication of a slowdown.
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: Ethereum is up 3.9%. NEAR Protocol is up 6.03%. Having closed the previous session at $0.84, MaticNetwork USD is up 3.74% today to currently trade at around $0.871.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 235,000, having previously been at 240,000. The figure will be published tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Oct) is expected tomorrow at 13:30 UTC.
Approximately 11 months ago, Bitcoin reached a significant high of $58,932 but has struggled to hold onto its gains and declined 72.08% since then.