Small gain for Bitcoin at $16,750 after ranging between $16,668 and $16,757 today.
Trend analysis indicates that Bitcoin made an initial breakout above its 10 day Simple Moving Average at $16,700, a potential indicator of a newly emerging bullish phase. Bitcoin is currently trading around the $16,781 Fibonacci resistance level. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $17,121, thereby suggesting that Bitcoin is becoming overvalued. Chart analysis indicates after reaching the known resistance zone beginning at $16,800, Bitcoin price action retreated approximately $42.62.
Overall, the technical outlook suggests Bitcoin is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Solana improves 4.68% to trade around $11.77. Having closed the previous session at $9.8, Cosmos USD is up 3.87% today to currently trade at around $10.18. Algorand USD gained 2% and is now trading at $0.185.
Also worthy of note, United States JOLTs Job Openings (Nov) will be released tomorrow at 15:00 UTC. United States ISM Manufacturing PMI (Dec) is scheduled for tomorrow at 15:00 UTC. United States FOMC Meeting Minutes is expected tomorrow at 19:00 UTC.
Registering some good gains for about a month now. 9 months ago Bitcoin reached a significant high of $47,466 but has consequently lost 64.86% since then.