The bitcoin price on Thursday spiked to trade at about $21,836 coming shy of the crucial $22,000 level. The price of the pioneer cryptocurrency continues to trade within a sharply ascending channel despite pulling back later in the day.
The BTC/USD now seems to have rallied to trade several levels above the 100-hour moving average line in the 60-min chart. Bitcoin also advanced to trade deep into overbought conditions of the 14-hour RSI before making a late pullback.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, bitcoin seems to have benefited from the latest US economic data. On Wednesday, the US ISM Services PMI for June beat the expectation of 54.5 with 55.3. However, all the supporting verticals failed to match expectations. In addition, the bitcoin price also received another boost late on Thursday after reports US lawmakers gave President Biden a framework document that could be used to regulate crypto.
Earlier this week, EU lawmakers came up with a similar dossier after creating what they called rules for a harmonised crypto market. Bitcoin is still affected by the massive crypto downturn that has seen cryptocurrency prices plummet since peaking in November last year. However, according to experts, the worst now seems to be over, creating a perfect platform for a major rebound.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD seems to be trading within a sharply ascending channel formation in the 60-min chart. This indicates a strong short-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to ride the current uptrend by targeting profits at about $21,836, or higher at $22,386. On the other hand, the bears will look to pounce for profits at about $21,086, or lower at $20,441.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency seems 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 $19,487, or lower at $16,712. On the other hand, the bulls will be looking to pounce for profits at about $23,864, or higher at $26,532.