Bitcoin Finds Strong Resistance at $24,000 to Halt Rally

The bitcoin price on Friday found strong resistance around the $24,000 mark, halting its 3-day rally. The pioneer cryptocurrency still appears to be trading within an ascending channel formation in the 60-min chart.

In addition, the pair continues to trade several levels above the 100-hour moving average line. The BTC/USD appears to be on a downward trend in the 14-hour RSI, although it still remains centrally pinned after the recent pullback.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the bitcoin price seems to be benefitting from the latest round of economic data. On Friday, the EU inflation came in at 8.9% exceeding the expectation of 8.6%. This is the highest level reached according to statistics. It also follows the UK’s record 9.4% and the US’s 9.1%. Generally, rising inflation indicates an increase in market optimism. And while there was relative caution when the US announced its multi-year inflation rate, the UK’s and the EU’s equivalent inflation levels seem to have boosted market optimism.

The latest Us core personal consumption expenditures price index also beat expectations on both the (MoM) and (YoY) basis, with personal spending and personal income also posting impressive figures. Therefore, although the US GDP fell for the second successive quarter indicating a potential recession, bitcoin seems to have come out as the beneficiary this week.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD seems to be trading within an ascending channel formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to extend the current gains toward $24,202, or higher to $24,658. On the other hand, the bears will target potential pullback profits at about $23,465, or lower at $23,026.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD also seems to be trading within an ascending channel formation. This shows that the bulls are attempting to take control of the pioneer cryptocurrency.

Therefore, they will be looking to extend the current rebound toward $26,574 or higher to $29,571. On the other hand, the bears will be targeting long-term profits at about $20,986, or lower at $17,585.

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