Bitcoin Plunges Below the 100-Hour MA to Trim Weekly Gains

The bitcoin price on Friday extended current declines below the 100-hour moving average line in the 6-min chart. The pioneer cryptocurrency has been on a downward movement since peaking on Thursday afternoon.

The BTC/USD is now trading closer to the oversold conditions of the 14-hour RSI. It continues to trade within a descending channel formation amid increased bearish bias in the market sentiment.

Bitcoin Price Fundamentals Overview

The BTC/USD is trading at the back of a relatively busy period both in the crypto world and in the US markets. Although the earnings season has kicked into gear, the BTC/USD has continued to rise amid a lack of optimism in the equities markets. Moreover, the appetite for cryptocurrencies seems to be still high boosted by the mass adoption of NFTs and metaverse projects.

Last week, Stacks founder launched completed major funding round for the development of a Web3 platform that could make bitcoin the largest ecosystem for developer apps. The BTC/USD price spiked to trade at the latest peak of about $45,000 before pulling back on Thursday and Friday.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price seems to be trading within a descending channel formation in the 60-min chart. The BTC/USD has since plummeted to trade closer to the oversold conditions of the 14-hour RSI. This indicates a significant short-term bearish bias in the market sentiment.

Therefore, the bears will be looking to extend the current declines towards $41,427 or lower to $40,323. On the other hand, the bulls will be targeting short-term rebounds at about $43,777, or higher at $44,916.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD seems to be trading within an ascending channel formation after recently bottoming at about $33,000.  This indicates a long-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to ride the current rally towards $46,205 or higher to $51,685. On the other hand, the bears will be targeting long-term profits at about $38,427, or lower at $33,195.

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