Bitcoin Pulls Back Below 100-Hour MA to Trade at $18,898

The bitcoin price on Friday pulled back from highs of about $19,334 to trade at about $18,898 after the latest round of data. The price of the pioneer cryptocurrency still seems to be oscillating within a sideways channel formation in the 60-min chart.

Bitcoin has now dropped to trade below the 100-hour moving average line after momentarily spending time above the crucial indicator. 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 global markets. This week, Switzerland, the US and the UK all raised their base interest rates. Under normal circumstances, this would signal a strong economy. However, the high inflation rates have increased market fear, thus boosting the appetite for the US dollar.

As a result, bitcoin has continued to exhibit mixed trading patterns as it still reserves credit as a store of value. Earlier this week, leading crypto HODLer and trader Microstrategy revealed that it now holds 130,000 bitcoin, after adding to its portfolio. This ignited some positivity towards the BTC.

In the US, the preliminary S&P Global Manufacturing PMI for September outperformed the expectation of 51.1 with a reading of 51.8. The S&P Global Services and Composite PMIs also outshone estimates. On Thursday, the initial jobless claims for last week beat the forecast of 118k claims with a tally of 113k, whereas continuing claims for the preceding week also outperformed 1.4 million with a claim count of 1.378 million.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the price of bitcoin seems to be trading within a sideways channel formation in the 60-min chart. This indicates a lack of clear short-term directional bias in the market sentiment.

Therefore, the bulls will be targeting short-term profits at about $19,334 or higher at $19,890. On the other hand, the bears will be targeting extended pullbacks at about $18,587 or lower at $18,142.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the bitcoin price seems to be trading within a descending channel formation. This indicates a significant long-term bearish bias in the market sentiment.

Therefore, the bears will be looking to stretch the current declines toward $17,554 or lower to $15,760. On the other hand, the bulls will be targeting long-term profits at about $20,610 or higher at $22,337.

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