The bitcoin price on Thursday edged lower to trade below $47,500 as traders moved to take early weekly profits. The price of the pioneer cryptocurrency is now moving closer to the 100-hour moving average in the 60-min chart.
The bitcoin price seems to be trading within a descending channel formation after peaking on Wednesday. However, it is yet to cross to the oversold conditions of the 14-hour RSI, leaving room for more downward movement.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the BTC/USD is trading at the back of a relatively busy period in the US market. On Thursday, the US retail sales control group for August increased by 2.5%, beating consensus expectations. General retail sales also spiked 15.1% on a year-over-year basis and by 0.7% from July. However, the initial jobless claims for last week came in higher than expected.
Elsewhere, the Philadelphia Fed manufacturing survey for September outperformed expectations, coming in with a 30.7 reading compared to estimates of 19. Earlier in the week, the US consumer price index for August missed expectations.
From the perspective of the BTC, South Korea postponed the proposed crypto taxation policy to next year, giving crypto traders a breathing space. This comes hot on the heels of Elsalvdor becoming the first country to make bitcoin a legal tender currency in the country.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the bitcoin price seems to be trading within a descending channel formation after peaking in mid-week. However, the BTC/USD is yet to reach the oversold conditions of the 14-hour RSI. Therefore, the current downward movement could continue through Friday.
As a result, the bears can target extended downward profits at approximately $46,215 or lower at $44,917. On the other hand, the bulls can target potential rebound profits at about $48,409 or higher at $49,671.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD seems to be trading within an ascending channel formation after bouncing off the $29,400 zone in late July. This indicates a significant long-term bullish bias in the market sentiment.
Therefore, the bulls can look to extend the current bull run by targeting profits at approximately $50,667 or higher at $54,389. On the other hand, the bears can target long-term profits at around $43,920 or lower at $40,359.