On Friday, the Bitcoin price extended Thursday’s rebound from about $68,798 to trade at about $72,300 after the latest US data. The BTC/USD trades within a sideways channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency has now advanced to trade a few levels above the 100-hour moving average line. As a result, it 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 personal consumption expenditures – price index for January missed the (YoY) expectation of 2.9%, with a rate of 2.8%, down from 2.9% in December. The (MoM) equivalent also edged slightly lower to 0.3%, down from 0.4%, as expected.
The core personal consumption expenditures – price index for the period matched the forecasted (MoM) and (YoY) rates of 0.4% and 3.1%, respectively. The preliminary annualized US gross domestic product for Q4 fell short of the forecasted change of 1.4%, with a change of 0.7%.
Elsewhere, the durable goods orders for January missed the expected change of 1.2%, with a change of -1.4%. The nondefense capital goods orders ex-aircraft for the period also fell short of 0.5%, with a change of 0%.
On the other hand, the personal income for January fell short of the forecasted change of 0.5%, with a change of 0.4% (MoM), while personal spending outshone the forecast of 0.3%, with a change of 0.4%. Traders will be waiting for the preliminary Michigan Consumer Sentiment Index and UoM inflation expectations for March later on Friday.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within a sideways channel formation in the 60-minute chart. The 14-hour RSI supports a short-term bullish bias after bouncing back to move closer to overbought conditions.
Therefore, the bulls will look to stretch the latest rebound towards $75,685 or higher to $78,926. On the other hand, the bears will look to pounce on pullbacks at about $68,798 or lower at $65,354.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.
Therefore, the bulls will look to extend the latest rebound towards $83,617 or higher to $94,473. On the other hand, the bears will look to pounce on profits at about $60,460 or lower at $49,267.