Bitcoin Extends Declines to New Weekly Lows of About $19,341

The bitcoin price on Friday extended declines to trade at about $19,341 before bouncing back to $19,633. The price of the pioneer cryptocurrency appears to be trading within a descending channel formation after plummeting earlier this week.

The bitcoin price has now plunged to trade several levels below the 100-hour moving average line in the 60-min chart. However, Friday’s late rebound prevented the BTC/USD from falling into the oversold 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 market. On Thursday, US retail sales control group for August missed the forecast of 0.5% with a change of 0%. On the other hand, general retail sales outshone the forecast of 0% with a change of 0% (MoM). The initial jobless claims for last week also outperformed the expected tally of 226k with a claim count of 213k, while the preliminary Michigan Consumer Sentiment Index for September fell short of the expected reading of 60 with a reading of 59.5.

Generally, the economic data appeared to momentarily strengthen the US dollar, thus adding pressure to the BTC. Earlier in the week, the US producer price index ex-food and energy for August beat expectations of 7.1% with a change of 7.3% (YoY), while the (MoM) equivalent outshone 0.3% with a change of 0.4%. The consumer price index ex-food and energy also came in stronger than expected with a (YoY) change of 6.3% versus a forecast of 6.1%, while the (MoM) equivalent beat 0.3% with 0.6%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price appears to be trading within a descending channel formation in the 60-min chart. This indicates a significant short-term bearish bias in the market sentiment.

Therefore, the bears will be looking to extend the current declines toward $19,341 or lower to $19,006. On the other hand, the bulls will be targeting potential rebound profits at about $19,899 or higher at $20,248.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency seems to be about to complete a double-bottom reversal pattern. This indicates an attempt by the bulls to trigger a rebound.

Therefore, they will be targeting long-term profits at about $21,729 or higher at $23,998. On the other hand, the bears will look to pounce on profits at about $17,947 or lower at $16,150.

Copyright © 2022. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.