Bitcoin Pulls Back Off Weekly Highs to Trade Below $23k

The bitcoin price on Friday pulled back off the current weekly highs of about $23,470 to trade at about $22,927. The price of the pioneer cryptocurrency continues to oscillate within a gently descending channel formation in the 60-min chart.

The bitcoin price has now fallen to trade below the 10-hour moving average line. However, the BTC/USD still seems to have a lot of room left to run before reaching the oversold conditions of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

The BTC/USD remains in a bull trend amid growing optimism in the market. This week Blackrock teamed up with a leading cryptocurrency exchange platform to bring digital assets to its clients. The $10 trillion AUM investment management company will be starting its new asset class with bitcoin, giving its sophisticated clients a gateway to digital currency investing.

Bitcoin is also benefitting from this week’s US economic data, which seems to alleviate fears of a recession. The US jobs data returned a whopping 528k new jobs, beating the consensus forecast of 250k. This encourages risk-on trading, thus making assets like the BTC more attractive to investors. Earlier in the week, the Bank of England also raised the base interest rate to 1.75%, again signalling market optimism.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD seems to be trading within a gently 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 towards $22,386 or lower to $21,766. On the other hand, the bulls will be looking to pounce on rebounds at about $23,463, or higher at $24,091.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD 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 pounce on extended gains at about $26,574 or higher at $29,571. On the other hand, the bears will be targeting potential pullbacks at about $20,705, or lower at $17,585.

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