Bitcoin Pulls Back Off Weekly Highs to Trim Gains After Musk Tweet

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The price of bitcoin on Friday pulled back from the current weekly highs to trade at around $35,598. It later recovered to trade at $37,100. The BTC/USD continues to trade within an ascending channel formation in the 60-min chart.

Bitcoin is now trading just below the 100-hour moving average following Friday’s late rebound. The rebound also prevented the BTC/USD from falling to the oversold levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the price of bitcoin appears to have again been affected by Elon Musk’s latest break-up tweet that also featured the #bitcoin.

When Musk’s tweets crypto world tends to react and this time it was a downward move in the price of BTC/USD. Bitcoin price has also suffered in recent trading sessions and remains relatively fragile. 

However, Friday’s non-farm payrolls missed expectations with 559k versus 650k, which pushed some traffic back towards crypto. This sparked bitcoin’s attempted recovery late on. 

Looking forward, bitcoin continues to gain traction in the mainstream with more companies embracing crypto. This provides the pioneer cryptocurrency with a relatively positive long-term outlook. Therefore, most crypto enthusiasts will be overlooking Musk’s latest tweets and clinging to the bright future the BTC promises.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD appears to be trading within an ascending channel formation in the 60-min chart. Bitcoin bounced back on Friday to avoid dropping to the oversold levels of the 14-hour RSI. The bulls remain in control of the pioneer cryptocurrency in the short term.

They will target short-term profits at around $38,537 or higher at $40,370. On the other hand, the bears will target pullback profits at around 35,598 or lower at $33,765. 

BTC/USD Technical Analysis (the Daily Chart)

In the daily chart, the BTC/US appears to be trading within a sharply descending channel formation. This indicates a strong long-term bearish bias in the market sentiment. Bitcoin has recently bounced back to recover from oversold levels of the 14-day RSI.

The bears will be looking to retain long-term control of the bitcoin price by targeting profits at around $29,271 and $21,867. On the other hand, the bulls will target potential rebound profits at around $43,814 or higher at $51,316

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