The bitcoin price on Friday extended sideways movement pattern formation amid a lack of directional bias. The pioneer cryptocurrency is struggling to make a rebound following the collapse of the world’s 3rd largest crypto exchange platform FTX and the subsequent aftershocks.
Bitcoin now seems pinned next to the 100-hour moving average line in the 60-min chart. As a result, the price of BTC/USD remains central in the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, bitcoin remains under pressure from the effects of the FTX collapse. The former world number 3 crypto exchange platform and its associated subsidiaries have filed for bankruptcy causing a stir in the market. There is a relative increase in market fear, while critics seem to have found new energy to take a swipe at the industry. However, with venture capital funding still flowing in, the BTC/USD has somehow found key support around $16,500.
The bitcoin price is also affected by the latest US economic data, which continues to send mixed signals. Earlier this week, US retail sales missed the expected (MoM) change of 1% with a change of 1.3%. On the other hand, the retail sales control group posted a change of 0.7%, outperforming the expectation of 0.4%. Later in the week, the initial and continuing jobless claims beat estimates, while the Philadelphia Fed Manufacturing Survey for November misses the forecast.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the bitcoin price seems to be trading within a sideways channel formation in the 60-min chart. This indicates a lack of clear directional bias in the market sentiment.
Therefore, the bears will be targeting potential downward breakout profits at about $16,155 or $15,645. On the other hand, the bulls will be targeting profits at about $17,134 or higher at $17,644.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of bitcoin seems to have recently completed a downward breakout from a sideways channel formation. This indicates an abrupt change in the market sentiment from flat to strong bearish.
Therefore, the bears will be looking to stretch the current pullback towards $13,612 or lower to $10,791. On the other hand, the bulls will look to pounce on profits at about $20,061 or higher at $23,084.