The bitcoin price on Thursday spiked to trade at about $40,340 before pulling back to reject a retest of the current weekly highs of $40,800. The price of the pioneer cryptocurrency continues to trade within an ascending channel formation in the 60-min chart.
The BTC/USD found support off the 100-hour moving average after falling to trade at about $39,300. However, the late pullback prevented the bitcoin price from advancing to the overbought conditions of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the pioneer cryptocurrency is trading at the back of a relatively busy period in the market. The current rally is fueled by a notable whale activity after institutional investors swooped in to take advantage of the recent dip. Data indicates that bitcoin whales bought 40,000 bitcoins worth $1.6 billion, resulting in a significant surge in the price. Moreover, bitcoin is also riding some positive sentiment after leading investment bank, Goldman Sachs debuted bitcoin-backed loans.
In the US, the BTC/USD is also benefitting from the latest round of economic data after the preliminary GDP data for Q1 missed the expected change of 1.1% with an annualised change of -1.4%. The core personal consumption expenditure data also failed to match expectations, further weakening the greenback.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the bitcoin price seems 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 looking to ride the current rally by targeting profits at about $40,335, or higher at $40,975. On the other hand, the bears will be looking to pounce on potential pullback profits at about $39,161, or lower at $38,585.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD 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 retain long-term control of the bitcoin price by targeting profits at about $37,513, or lower at $35,105. On the other hand, the bulls will be targeting long-term reversals at about $42,074, or higher at $44,456.