The bitcoin price on Thursday pulled back off the trendline resistance to extend the current declines to new weekly lows. The price of the pioneer cryptocurrency seems to be trading within a descending channel formation in the 60-min chart.
As a result, the bitcoin price has now fallen to trade several levels below the 100-hour moving average line. The BTC/USD now seems closer to reaching the oversold conditions of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, bitcoin is trading at the back of a relatively busy period in the US market. On Thursday, the initial and continuing jobless claims both came in better than expected with 250k and 1.437 million versus 265k and 1.438 million.
On the other hand, the preliminary Philadelphia Fed Manufacturing Survey for August outperformed -5 with 6.2. Earlier in the week, the US retail sales control group beat expectations while general retail sales came short of forecast. Elsewhere, building permits for July delivered positive results while housing starts for the same period failed to impress.
The BTC/USD is also suffering from a persistent bear crypto market. The rising inflation levels across the globe are putting off investors from investing in relatively risky assets like bitcoin. Nonetheless, venture capital funds continue to show interest in the space, which is boosting the long-term sentiment.
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. This indicates a significant short-term bearish bias in the market sentiment.
Therefore, the bears will be looking to extend the current declines toward $22,864 or lower to $22,455. On the other hand, the bulls will be targeting short-term rebounds at about $23,513, or higher at $23,902.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the bitcoin price seems to be trading within a gently ascending channel formation. This indicates a significant long-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to extend the current rally toward $25,086 or higher to $27,471. On the other hand, the bears will target long-term profits at about $21,281, or lower at $19,025.