On Friday, the Bitcoin price bounced off the key support at about $97,233 to trade at about $99,187 after the latest U.S. data. The BTC/USD trades within an ascending channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency continues to oscillate above the 100-hour moving average line. As a result, Bitcoin is on the verge of entering the overbought levels of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, Bitcoin trades during a relatively busy period in the U.S. market. On Thursday, the SEC Chair Gary Gensler announced he will be stepping down from the Commission on January 20. This fits in well with Trump’s pro-crypto agenda after promising the crypto community he would dismiss Gensler on day one of his administration.
Bitcoin’s bull run is also driven by the expectation that Trump is putting together a crypto-centered administration after making key nominations.
In the latest U.S. economic data, the preliminary S&P Global Services PMI for November outperformed the expectation of 55.3 with a reading of 57. The preliminary S&P Global Manufacturing PMI was in line with the estimate of 48.8.
On the other hand, the Michigan Consumer Sentiment Index for November missed the forecasted reading of 73.7 with a reading of 71.8, while the UoM 5-year Consumer Inflation Expectations for the month exceeded the forecast of 3.1% with 3.2%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI has also bounced back to move closer to the overbought conditions of the indicator.
Therefore, the bulls will look to stretch the current rebound towards $100,870 or higher to $102,527. On the other hand, the bears will look to pounce on pullbacks at about $97,233 or lower at $95,497.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD trades within a sharply ascending channel formation. The 14-day RSI also supports a long-term bullish bias after surging into the overbought conditions.
Therefore, the bulls will look to ride the current run of gains toward $110,023 or higher to $119,422. On the other hand, the bears will look to pounce on pullbacks at about $89,708 or lower at $79,703.