The bitcoin price on Friday pulled back towards $45,700 after finding resistance at the $47,100 level. The BTC/USD bounced off $44,455 earlier in the week after a significant decline. It continues to trade within a gently descending channel formation in the 60-min chart.
The bitcoin price has now dropped several levels below the 100-hour moving average. However, this week’s late rebound pushed it off oversold conditions back to the normal trading zone of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, bitcoin is trading at the back of a relatively busy period in the market. The price of the pioneer cryptocurrency has plunged recently amid increasing scrutiny from the SEC and other global financial watchdogs on the industry.
Earlier this month BitConnect became one of the latest crypto firms to be charged by the US Securities and Exchange Commission for an alleged Ponzi scheme that fetched more than $2 billion. In another case, the body also charged Rivetz, its president, and a subsidiary for soliciting $18 million from investors via unregistered securities offerings.
Nonetheless, despite the emerging industry drawbacks, bitcoin continues to attract several players with Amazon reportedly joining a growing list of technology giants that have embraced cryptocurrencies. Therefore, the long-term future still seems bright for investors willing to overlook short-term industry turbulence.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the bitcoin price seems to be trading within a gently descending channel formation in the 60-min chart. However, the BTC/USD has recently bounced back to avoid falling to oversold conditions of the 14-hour RSI.
Therefore, the bulls cat target extended rebound profits at approximately $47,512 or higher at $49,155. On the other hand, the bears will look to pounce on potential pullbacks at $44,452, or lower at $42,818.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD appears to have recently made a downward breakout from a sharply ascending channel formation. As a result, this prevented bitcoin from venturing to the overbought conditions of the 14-day RSI.
Therefore, the bears can look to stretch the current pullback towards $41,351 or lower to $37,409. On the other hand, the bulls can target immediate rebound profits at $50,329 or higher at $54,115.