Bitcoin (BTC) hit the $115,700 horizontal resistance level early on Friday, plus it touched the top of an ascending channel. The price has rejected from these barriers, and given that short-term momentum has topped out, is this an ideal point to start the next downward price impulse?
Bitcoin shrugs off slightly negative inflation and jobs release figures
After a better than forecast PPI release on Wednesday, the CPI release on Thursday was not favourite for a repeat performance, and the resulting slightly worse than expected figure proved this. Completing Thursday’s more gloomy picture was a rise in unemployment claims from the 235K that was forecast, to the actual release figure of 263K.
Nevertheless, both the US stock market and Bitcoin shrugged off these negatives with gusto, with the market no doubt mindful of the upcoming rate cut next week. The S&P 500 finished up 0.85%, while Bitcoin rose 1.35%.
$BTC perfectly respects ascending channel
Source: TradingView
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