On Friday, the Bitcoin price bounced off the trendline support at about $61,274 to trade at about $62,152 after the latest US data. The BTC/USD trades within an ascending channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency has now rallied to trade above the 100-hour moving average line. As a result, the Bitcoin price is on the verge of entering the overbought levels of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the BTC/USD trades during a relatively busy period in the US market. On Friday, the US nonfarm payrolls for September exceeded expectations of 140k with a tally of 254k, up from the 159k in August.
The unemployment rate for the month also outshone the forecast of 4.2% with a rate of 4.1%, down from 4.2% in the preceding month, while the average hourly wage growth for the period beat the expectations of 0.3% (MoM) and 3.8% (YoY) with changes of 0.4% and 4%, respectively.
On Thursday, the initial jobless claims for the week ending September 27 came in higher than expected with 225k, versus a forecast of 220k, up from the preceding week’s equivalent of 219k. On the other hand, the ISM Services PMI for September outshone the forecast of 51.7 with a reading of 54.9, while the ISM Services Prices Paid beat 56.3 with a reading of 59.4.
Elsewhere, the S&P Global Composite PMI for the period missed the expectation of 54.4 with a reading of 54, while the factory orders for August fell short of the forecasted (MoM) change of 0% with a change of -0.2%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI has also advanced to move closer to the overbought conditions of the indicator.
Therefore, the bulls will be looking to stretch the current rally towards $62,966 or higher to $63,755. On the other hand, the bears will look to pounce on pullbacks at about $61,274 or lower at $60,488.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD has completed a downward breakout from an ascending channel formation. However, the 14-day RSI still seems to have a lot of room left to run before reaching oversold conditions.
Therefore, the bears will be targeting extended declines at about $59,971 or lower at $57,563. On the other hand, the bulls will look to pounce on rebounds at about $64,324 or higher at $66,546.