Bitcoin has been losing ground for 5 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Bitcoin trades at $27,600 after gaining $325.85 (1.2%).
At the same time, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $27,630, a potential indicator of a newly emerging bullish phase. Bitcoin's lower Bollinger Band® is at $26,700, indicating that the market is oversold and fertile for new buyers. In contrast, Bitcoin could be slowing down soon as it approaches resistance at $28,042. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Bitcoin is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token is up 9.54%. Ripple is up 4.47%.
This year has been a bright one for Bitcoin after trading as low as $15,759 and going on to appreciate by 64.85% year to date.