On Thursday, Bitcoin resumed trading around $34,316 before bouncing back to approximately $34,860. The leading cryptocurrency appears to be trading within a descending channel pattern on the 60-minute chart.
The late recovery on Thursday aided BTC/USD in rebounding above the 100-hour Moving Average. Consequently, Bitcoin avoided entering oversold territory as per the 14-hour Relative Strength Index (RSI) indicator.
From a technical perspective, BTC/USD seems to be operating within the confines of a descending channel formation on the 60-minute chart. The hourly MACD indicator also appears to support the bearish sentiment after completing a downward crossover.
Therefore, the bearish camp will seek to extend the current decline to around $34,316 or lower to $33,716. On the other hand, the bullish side will attempt to capture rebounds around $35,461 or higher at $36,005.
The late recovery on Thursday aided BTC/USD in rebounding above the 100-hour Moving Average. Consequently, Bitcoin avoided entering oversold territory as per the 14-hour Relative Strength Index (RSI) indicator.
From a technical perspective, BTC/USD seems to be operating within the confines of a descending channel formation on the 60-minute chart. The hourly MACD indicator also appears to support the bearish sentiment after completing a downward crossover.
Therefore, the bearish camp will seek to extend the current decline to around $34,316 or lower to $33,716. On the other hand, the bullish side will attempt to capture rebounds around $35,461 or higher at $36,005.
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