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.

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