Bitcoin Pulls Back Off 3-Week Highs to Trade at $19,592

The bitcoin price on Friday extended declines towards $19,345 after pulling back off current 3-week highs of about $20,487 earlier in the week. The pioneer cryptocurrency continues to trade within a sharply descending channel formation in the 60-min chart.

The BTC/USD made a late rebound on Friday, climbing to the current level of $19,592. The rebound prevented the price of bitcoin from dropping deep into the oversold conditions of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

The bitcoin price continues to experience downward pressure amid the crypto downturn. Cryptocurrency markets have declined since the second quarter of 2022 amid global inflation fears. On Friday, Binance CEO CZ told Bloomberg that he expects the crypto winter to continue through Q4. However, he also revealed that his company will continue investing in promising projects to the tune of $1 billion. FTX’s Sam Bankman-Fried also revealed recently that his company is investing more than $1 billion in 2022.

Venture capital investors are taking advantage of the current crypto downturn to bag bargains before the market recovers. From the perspective of economic data, the BTC/USD continued to experience market pressure after the US Jobs Data returned better-than-expected numbers. Moreover, the unemployment rate edged to the lowest level since July after falling to 3.5%, down from 3.7% in August. However, the ISM Manufacturing PMIs and the average wage growth returned disappointing figures.

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 bear will be looking to stretch the current declines toward $19,203 or lower to $18,697. On the other hand, the bulls will be targeting potential rebound profits at about $19,981 or higher at $20,487.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency appears 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 targeting long-term profits at about $17,647 or lower at $15,263. On the other hand, the bulls will be looking to pounce on rebounds at about $21,521 or higher at $24,005.

Copyright © 2022. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.