The Bitcoin price on Friday continued to trade in a sideways movement following the latest round of data. The BTC/USD oscillated between $65,297 and $63,685 within a sideways channel formation.

The price of the pioneer cryptocurrency continues to oscillate below the 100-hour moving average line. As a result, Bitcoin still has a lot of room to run on either side of the curve in 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 core personal consumption expenditures price index for March exceeded the (YoY) expectation of 2.6% with a change of 2.8%. The (MoM) equivalent was in line with the estimate of 0.3%. The personal consumption expenditures price index for the period also outshone the estimate of 2.6% with a change of 2.7%, while the (MoM) equivalent was in line with the estimate of 0.3%.

Personal spending for the month beat the forecasted change of 0.6% with a change of 0.8%, while personal income was in line with the estimate of 0.5%. On the other hand, the Michigan Consumer Sentiment Index for April missed the estimated reading of 77.8 with a reading of 77.2, while the UoM 5-year inflation expectations for the period matched the forecast of 3%.

Earlier in the week, the US initial jobless claims for the week ending April 19 exceeded expectations of 214k with a relatively lower tally of 207k. Pending home sales for March also outshone the estimate of 0.3% with a change of 3.4%, while the preliminary annualised US gross domestic product for Q4 missed 2.5% with a change of 1.6%. 

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD appears to be trading within a sideways channel formation in the 60-minute chart. The 14-hour RSI also seems to support an indecisive market sentiment, leaving room on either side of the curve.

Therefore, the bears will be targeting potential downward profits at about $62,632 or lower at $60,988. On the other hand, the bulls will look to pounce on profits at about $65,397 or higher at $67,032.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency appears to be trading within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will be targeting extended rebounds at about $68,648 or higher at $72,935. On the other hand, the bears will be targeting profits at about $59,462 or lower at $55,175.