The bitcoin price (BTC/USD) on Friday bounced off the key support at $60,180 to surge towards $64,400 after the US data. The pioneer cryptocurrency continues to trade within an ascending channel formation in the 60-min chart.
Bitcoin has now advanced to trade above the 100-hour moving average following Friday’s rebound. The BTC/USD has also rallied to trade closer to the overbought conditions of the 14-hour RSI. Therefore a pullback could be imminent.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the bitcoin price continues to ride the tailwinds from last week’s Bitcoin Futures ETF launch. However, reports on Friday also weighed on the pioneer cryptocurrency preventing it from ascending further.
Apple Co-Founder Steve Wozniak claimed governments could ban cryptocurrency if the industry becomes too big. The crypto enthusiast was echoing the remarks made by Bridgewater Associates’ Ray Dalio, who said in an earlier statement bitcoin was very likely to be outlawed.
Earlier in the day, the SEC reportedly prevented Valkyrie from advancing with its Leveraged Bitcoin Futures ETF plans, with the crypto firm later abandoning those plans.
On a more positive note, MicroStrategy revealed it made $2 billion from its BTC investments in the most recent quarter, providing a boost for crypto enthusiasts.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD seems to be trading within an ascending channel formation in the 60-min chart. As a result, bitcoin has rallied closer to the overbought conditions of the 14-hour RSI. This indicates a significant short-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to ride the current rally towards $64,396, or higher to $66,547. On the other hand, the bears will be targeting short-term pullbacks at about 460,179, or lower at $57,918.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the bitcoin prices seem to be trading within a gently ascending channel formation. It recently pulled back to avoid crossing to overbought conditions after finding the trendline resistance.
Therefore, the bears will be looking to extend the current pullback towards $51,772, or lower to $41,559. On the other hand, the bulls will be targeting long-term profits at about $72,785, or higher at $83,750