On Friday, the Bitcoin price pulled back from the session highs of about $69,242 to trade at about $65,595. The BTC/USD trades within a descending channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency has now plummeted to trade several levels below the 100-hour moving average line. It has now fallen deep into the oversold 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 Michigan Consumer Expectations Index for March missed the expectation of 54.1, with a reading of 51.7, down from 54.1. The Michigan Consumer Sentiment Index for the period also fell short of 54, with a reading of 53.3, down from 55.5.
On the other hand, the UoM 1-year consumer inflation expectation for the month came in better than expected, with 3.8% versus a forecast of 3.4%, up from the previous month’s equivalent of 3.4%. The UoM 5-year consumer inflation expectation matched the forecast of 3.2%, unchanged from the previous period.
Earlier in the week, the initial jobless claims for last week came in as expected at 210k, up from the previous week’s claim count of 205k. On the other hand, nonfarm productivity for Q4 missed the expected change of 2.5%, with a change of 1.8%, while unit labour costs outshone the estimate of 3.3%, with a change of 4.4.%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, Bitcoin trades within a descending channel formation in the 60-minute chart. The 14-hour RSI also supports a short-term bearish bias as it edges closer to oversold conditions.
Therefore, the bears will look to stretch the current pullback towards $63,548 or lower to $61,650. On the other hand, the bulls will look to pounce on rebounds at about $67,449 or higher at $69,242.
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 recently bounced back to recover from oversold conditions.
Therefore, the bulls will look to extend the latest rebound towards $71,369 or higher to $76,635. On the other hand, the bears will look to pounce on profits at about $60,064 or lower at $53,909.