Bitcoin Bulls Hold Firm Just Below $13,600 After Rebound

The price of bitcoin on Thursday surged to trade at around $13,600 before pulling back late on to around $13,470 amid strong bullish pressure. Bitcoin remains above the consolidative sideways channel formation between $13,200 and $12,800. 

From a broader perspective, the BTC/USD appears to be trading within an ascending channel that dates back to the middle of October. Thursday’s late pullback pushed the price of the pioneer cryptocurrency back to within the normal trading zone. It had moved closer to overbought levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the price of BTC/USD is trading at the back of a relatively busy period in the US market. Bitcoin has enjoyed a strong bullish run since new cases of COVID-19 started to flare up following a second wave. The pioneer cryptocurrency is seen as an alternative safe-haven investment vehicle due to its finite nature. With the US launching a stimulus package after another, the strength of the greenback has been affected greatly. This has boosted the performance of bitcoin against the dollar.

However, the latest US economic data could provide the USD with some source of strength. On Thursday, the preliminary Q3 US gross domestic product beat the expected change of 31% with an annualized change of 33.1%. The US gross domestic product price index for the period also outperformed the expected change of 2.8% with a change of 3.7%. On the other hand, the initial jobless claims for the week ending Oct. 23 beat the expected tally of 775k with a count of 751k while continuing claims missed 7.7M with a tally of 7.756M.

Bitcoin Price Technical Analysis (the 60-min Chart) 

Technically, the BTC/USD appears to have recently surged above a temporary sideways channel formation. The price of bitcoin continues to trade within an ascending channel in the 60-min chart. This indicates a short-term bullish bias in the market sentiment. 

The bulls will be targeting short-term profits at around $13,886 or higher at $14,344. On the other hand, the bears will look to pounce for profits at around $13,000 or lower at $12,489.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD appears to be trading within an ascending channel that stretches back to March this year. This indicates a strong long-term bullish bias in the market sentiment.

The bulls will look to retain long-term control of the price of bitcoin by targeting profits at around $14,946 or higher at $16,032. On the other hand, the bears will look to pounce for profits at around $11,844 or lower at $10,705.

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