On Friday, the Bitcoin price pulled back from the session highs of about $78,728 to trade at about $77,257 following Friday’s $6.3 billion Binance hack. BTC/USD trades within a descending channel formation on the 60-minute chart.
The price of the pioneer cryptocurrency continues to trade several levels below the 100-hour moving average line after the pullback. As a result, it is on the verge of re-entering the oversold levels of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, BTC/USD trades during a relatively busy period in the market. Rising inflation and high oil prices continue to put pressure on the Bitcoin price, as it struggles to stay above $82,000. Thursday’s $6.3 billion Binance hack added more pressure to the price of the pioneer cryptocurrency, triggering a fall below $77,000. There are also geopolitical uncertainties amid the US-Iran tensions and the US mid-term elections.
In the latest US economic data, the Federal Reserve chose to keep the base interest rate unchanged at 4%, as expected. On the other hand, personal income for September missed the forecast (MoM) change of 0.3%, with a change of 0.2%, while personal spending for the period fell short of 0.6%, with a change of 0.5%.
The US personal consumption expenditures price index for September matched the forecasted (MoM) and (YoY) changes of 0.5% and 3.6%, respectively. The core personal consumption expenditures price index for the period also matched the forecast (MoM) and (YoY) changes of 0.3% and 3.1%, respectively.
Elsewhere, the preliminary annualized US gross domestic product for Q3 outperformed the expected change of 3.2%, with a change of 3.4%. The preliminary US gross domestic product price index for the quarter fell short of 3.5%, with a change of 2.2%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within a descending channel formation on the 60-minute chart. The 14-hour RSI has also recently pulled back to move closer to oversold conditions.
Therefore, the bears will look to stretch the current pullback towards $75,834 or lower, down to $74,242. On the other hand, the bulls will look to pounce on rebounds at about $78,728 or higher, up to $80,320.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency also trades within a descending channel formation. The 14-day RSI has also pulled back to move closer to oversold conditions.
Therefore, the bears will look to ride the current run of declines toward $72,468 or lower, down to $67,178. On the other hand, the bulls will look to pounce on rebounds at about $81,698 or higher, up to $86,771.