Bitcoin Price Forecast After Bouncing Off a Key Support Level

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The BTC/USD on Friday bounced off the key support at $47,455 to surge above $48,000 in the late hours of the session. The pioneer cryptocurrency had plunged earlier on after finding strong resistance at the 100-hour moving average. 

Bitcoin continues to trade within a descending channel formation in the 60-min chart. The BTC/USD remains pinned centrally in the 14-hour RSI following Friday’s late rebound. 

Bitcoin Price Fundamentals Overview

From a fundamental perspective, bitcoin is trading at the back of a wave of crypto attacks by non-crypto community membership platforms. On Friday, Kickstarter faced backlash from users after partnering with Chelo. Other backlashes witnessed during the week include that of Ubisoft from gamer fans after launching an NFT platform. While these pushbacks may not be directed at bitcoin, it seems there is still strong opposition against merging traditional industries with cryptocurrencies.

Elsewhere, BTC’s counter currency the USD received some significant boost this week after releasing upbeat economic data. On Friday, the preliminary Michigan Consumer Sentiment Index for December outperformed the expectation of 67.1 with 70.4. Earlier in the week, the initial jobless claims for the last week outperformed the estimate of 218k with a lower claim count of 184k. The consumer price index ex-food and energy for November matched expectations on both the (MoM) and (YoY) basis.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD seems to be trading within a descending channel formation in the 60-min chart. However, the pioneer cryptocurrency bounced off the key support to avoid falling into oversold conditions on Friday.

Therefore, the bulls will be looking to ride the current rebound higher towards $49,033 or to $49,872. On the other hand, the bears will be targeting potential pullbacks at about $47,455, or lower at $46,510.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the bitcoin price seems to be trading within a sharply descending channel formation. As a result, it has plummeted closer to the oversold conditions of the 14-day RSI.

Therefore, the bulls will be targeting potential technical rebounds at about $50,906, or higher at $55,031. On the other hand, the bears will be targeting long-term profits at about $44,870, or lower at $40,959.

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