Bitcoin Pulls Back Off 27-Month Highs to Trade at About $60,230

The bitcoin price on Wednesday pulled back off 27-month highs of $64,100 to trade at about $60,230 after the latest round of data. The BTC/USD continues to trade within an ascending channel formation in the 60-minute chart.

Bitcoin has now advanced to trade several levels above the 100-hour moving average line. Wednesday’s late pullback pushed the price of the pioneer cryptocurrency back to the regular trading zone 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 US market. On Wednesday, the preliminary annualised US gross domestic product for Q4 missed the expected change of 3.3% with a change of 3.2%. The preliminary gross domestic product price index for the period exceeded the forecasted change of 1.5% with a change of 1.7%. 

On the other hand, the preliminary personal consumption expenditures for Q4 outperformed the expectation of 1.7% with a (QoQ) change of 1.8%. The preliminary core consumption expenditures price index for the period also beat the (QoQ) forecast of 2% with a change of 2.1%.

Earlier in the week, durable goods orders for January missed the expectation of -4.5% with a change of -6.1%. The durable goods orders ex-transportation for the period also fell short of -0.2% with a change of -0.3%.

Elsewhere, the nondefence capital goods orders ex-aircraft were in line with the estimate of 0.1%. The housing price index for December missed the forecasted (MoM) change of 0.3% with a change of 0.1%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price appears to be trading within an ascending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to recover from overbought conditions.

Therefore, the bears will be targeting extended pullbacks at about $58,805 or lower at $57,461. On the other hand, the bulls will look to pounce on rebounds at about $61,622 or higher at $62,954.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD appears to have recently completed an upward breakout from an ascending channel formation. The 14-hour RSI also seems to support a long-term bullish bias after entering overbought conditions.

Therefore, the bulls will be looking to ride the current rally towards $64,108 or higher to $69,158. On the other hand, the bears will look to pounce on pullbacks at about $55,511, or lower at $50,761.

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