The bitcoin price on Thursday pulled back to trade at about $34,316 before bouncing back to settle at about $34,860. The price of the pioneer cryptocurrency appears to be trading within a descending channel formation in the 60-min chart.
Thursday’s late rebound helped the BTC/USD to recover above the 100-hour moving average line. As a result, bitcoin avoided falling into the oversold levels 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 claims data for the week ending October 27 missed the market forecast of 210k with a significantly higher figure of 217k.
The preliminary nonfarm productivity for Q3 outperformed the expected change of 4.2% with a change of 4.7%, while unit labour costs for the period missed the estimate of 0.7% with a change of -0.8%. On the other hand, factory orders for September outperformed the expected change of 2.3% with a change of 2.8% (MoM).
On Wednesday, the ISM Manufacturing PMI for October missed the expected reading of 49 with a reading of 46.7. The ADP Employment Change for the period also fell short of the forecasted change of 150k jobs with a change of 113k, while the JOLTS job openings for September beat the estimate of 9.25 million with a tally of 9.553 million.
The Federal Reserve kept the base interest rate unchanged at 5.5% in line with estimates, but warned more rate hikes will be coming amid rising inflation.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD appears to be trading within a descending channel formation in the 60-min chart. The hourly MACD also seems to support the bearish sentiment after completing a downward crossover.
Therefore, the bears will be looking to extend the current declines toward $34,316 or lower to $33,716. On the other hand, the bulls will look to pounce on rebounds at about $35,461 or higher at $36,005.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency appears to be trading within an ascending channel formation. The daily MACD also seems to support a strong bullish bias after completing an upward crossover.
Therefore, the bulls will be looking to ride the current rally towards $37,854 or higher to $40,760. On the other hand, the bears will look to pounce on pullbacks at about $31,770 or lower at $28,955.