Bitcoin Rallies to Retest Weekly Highs as US Festivities Kick Off

The bitcoin price on Thursday extended gains to trade at about $16,769 before pulling back to settle at $16,570 in mid-day. The pioneer cryptocurrency appears to be trading within an ascending channel formation in the 60-min chart.

The BTC/USD has now rallied to trade above the 100-hour moving average line. However, Thursday’s mid-day pullback prevented the bitcoin price from ascending into the overbought levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the bitcoin price continues to experience significant downward pressure amid the crypto winter. While the markets remain closed in the US amid the Thanksgiving holiday, Wednesday marked a relatively busy day with several economic data reports. Durable goods orders outperformed the expected change of 0.4% with a change of 1%. On the other hand, durable goods orders ex-defence beat -0.1% with a change of 0.8%, while durable goods orders ex-transportation outshone 0% with 0.5%.

With the FTX saga still influencing market activity, crypto exchange platforms led by Binance have taken measures to protect traders against such events. This has boosted the bitcoin price recently resulting in the current rally. Moreover, the festive season boosts consumer spending, which is positive for the market.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price appears to be trading within an ascending channel formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment. 

Therefore, the bulls will be targeting extended gains at about $16,769 or higher at $16,975. On the other hand, the bears will be looking to pounce on profits at about $16,386 or lower at $16,169.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the bitcoin price 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 looking to stretch the current declines toward $15,710 or lower to $14,746. On the other hand, the bulls will be targeting long-term profits at about $17,583 or higher at $18,546.

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