The bitcoin price on Thursday pulled back to find support off the 100-hour moving average, before bouncing back to retest session highs. The BTC/USD continues to trade within an ascending channel formation in the 60-min chart.
Bitcoin plunged earlier in the week to trade below $54,000 before rallying to top $58,000. The pioneer cryptocurrency continues to trade close to the overbought conditions of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the BTC/USD is trading at the back of a relatively busy period in the US market. On Thursday, the US initial jobless claims and continuing claims for last week and the week before respectively outperformed expectations. However, the producer price index ex-food and energy missed expectations, while the general PPI also failed to match estimates.
Earlier in the week, the US consumer price index for September beat the (YoY) expectation of 5.3% with 5.4%, while the (MoM) equivalent outshone 0.3% with a change of 0.4%. On the other hand, the CPI ex-food and energy matched expectations on both the (MoM) and (YoY) basis.
Elsewhere, bitcoins bid to become a mainstream asset continues to gain steam, but not without hurdles. Spain became the latest country to question the Elsalvador’s move to make bitcoin a legal tender. Earlier in the week, China continued to poke holes in the crypto market with its unending crackdowns.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD appears to be trading within a gently ascending channel formation in the 60-min chart. This indicates a slight short-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to stretch the current gains towards $58,269, or higher to $59,070. On the other hand, the bears will target potential pullbacks at about $56,878 or lower at $56,137.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD seems to be trading within a sharply ascending channel formation. As a result, bitcoin has rallied to overbought conditions, indicating a strong long-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to ride the current rally by targeting profits at around $61,013 or higher at $64,996. On the other hand, the bears will target long-term profits at around $53,745 or lower at $49,851.