Bitcoin on Friday extended declines to trade at about $23,828 after pulling back from the 100-hour moving average line on Thursday. The price of the pioneer cryptocurrency appears to be trading within a consolidative triangle formation.
The pair has now dropped to trade a few levels below the 100-hour MA in the 60-min chart. As a result, the currency pair seems to have moved closer to 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 market. On Thursday, the preliminary US gross domestic product for Q4 beat the expected change of 3.5% with a change of 3.9%. On the other hand, the annualised GDP for the period missed the forecasted change of 2.9% with a change of 2.7%, while the initial jobless claims outshone the estimated claim count of 200k with a lower tally of 192k.
Elsewhere, the preliminary core personal consumption expenditures for Q4 beat the expected (QoQ) change of 3.9% with a change of 4.3%. On the other hand, the general personal consumption expenditures for the quarter outshone the forecasted (QoQ) change of 3.2% with a change of 3.7%, while the Chicago Fed National Activity Index for January outshone the expected reading of 0.03 with a reading of 0.23. Bitcoin’s long-term outlook remains bullish amid the expected halving in 2024.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the bitcoin price seems to be trading within a consolidative triangle formation in the 60-min chart. This indicates a lack of a clear directional bias in the market sentiment.
Therefore, the bears will be targeting potential downward breakout profits at about $23,575 or lower at $23,260. On the other hand, the bulls will look to pounce on profits at about $24,112 or higher at $24,403.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the bitcoin price appears to be trading within an ascending channel formation. This indicates a significant long-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to stretch the current run of gains toward $25,282, or higher to $26,850. On the other hand, the bears will look to pounce on pullbacks at about $22,251 or lower at $20,683.