Bitcoin Shakes Off Session Gains in Consolidative Triangle Formation

The bitcoin price on Friday spiked sharply before pulling back later to trim session gains. The BTC/USD seems to be trading within a consolidative triangle formation following a sharp pullback.

The price of the pioneer cryptocurrency also remains several levels below the 100-hour moving average line in the 60-min chart. It currently trading centrally in the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the bitcoin price is suffering from the ongoing market crisis. The crypto crash has triggered several other events, including crypto hedge funds defaulting on their loans, while others have had to be acquired to gain an escape route. This week, FTX walked away from plans to buy crypto lender celsius network after discovering a flaw in the company’s balance sheet. 

There have been several reports of cryptocurrency platforms and bridging protocols between blockchain being hacked, with customers losing millions.

These events have created more doubt in the industry, potentially to some, confirming what they always feared. Bitcoin has also to some degree been affected by the recent US interest rate hike, which seemed to boost the greenback against the BTC. And because of the FUB around crypto right now, the pressure has increased, even more, leading to consistent declines.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD seems to be trading within a consolidative triangle formation in the 60-min chart. This indicates an attempt by both sides of the market to take control of the bitcoin price, with no one winning the battle.

Therefore, the bulls will be targeting short-term profits at about $19.920, or higher at $20,271. On the other hand, the bears will target potential downward profits at about $19,109, or lower at $18,697.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the bitcoin price 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 looking to extend the current declines toward $17,514 or lower to $14,989. On the other hand, the bulls will be targeting long-term profits at about $21,796, or higher at $25,310.

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