The bitcoin price on Friday pulled back off the session highs of about $41,578 to trade at about $40,864 after the latest round of data. The BTC/USD continues to trade within a sideways channel formation in the 60-min chart.

The bitcoin price has now fallen to trade below the 100-hour moving average line. As a result, the price of the pioneer cryptocurrency appears to be moving closer to the oversold levels of the 14-hour RSI.

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 Friday, the preliminary Michigan Consumer Sentiment Index for January beat the expected reading of 70 with a reading of 78.8.

The preliminary UoM 5-year inflation expectations for the period came in at 2.8% down from the previous update of 2.9%, while the existing home sales change for December fell by 1% compared to an increase of 0.8% in the previous period.

On Thursday, US housing starts for December exceeded the expectations of 1.426 million with a tally of 1.46 million. On the other hand, building permits for the period beat the estimated tally of 1.48 million with a tally of 1.495 million.

Elsewhere, the initial jobless claims for the week ending January 12 outshone the forecasted claim count of 207k with a relatively lower tally of 187k. The continuing claims also came in lower than expected 1.806 million versus a forecast of 1.845 million. The Philadelphia Fed Manufacturing survey for January missed the expected reading of -7 with a reading of -10.6.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the price of bitcoin appears to be trading within a sideways channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to move closer to oversold conditions.

Therefore, the bears will be targeting extended pullbacks at about $40,086 or lower at $39,110. On the other hand, the bulls will look to pounce on rebounds at about $41,578 or higher at $42,511.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency appears to have recently completed a downward breakout from an ascending channel formation. The 14-day RSI also seems to support a long-term bearish bias as it moves closer to oversold conditions.

Therefore, the bears will be targeting long-term profits at about $37,224 or lower at $33,094. On the other hand, the bulls will look to pounce on profits at about $44,796 or higher at $49,123.