On Friday, the bitcoin price pulled back from the session highs of about $81,511 to trade at about $77,964 after the latest US data. BTC/USD also completed a downward breakout from an ascending channel formation on the 60-minute chart.
The price of the pioneer cryptocurrency has now fallen to trade a few levels below the 100-hour moving average line. As a result, it is on the verge of entering the oversold levels of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, BTC/USD trades during a relatively busy period in the US market. On Friday, the Michigan Consumer Expectations Index for August outperformed the forecast of 50.6, with a reading of 51.5, up from the previous month’s equivalent of 50.6. The Michigan Consumer Sentiment Index for the period also outshone the estimate of 51, with a reading of 51.7, up from 51 in July.
On the other hand, the UoM 1-year consumer inflation expectations for the month missed the forecasted rate of 4.3%, with a rate of 4%, down from the previous month’s equivalent of 4%. The UoM 5-year consumer inflation expectations for the period were unchanged at 3.3%, in line with forecasts.
Earlier in the week, the US initial jobless claims for last week came in better than expected, at 203k versus a forecast of 208k, down from the preceding week’s claim count of 207k. The US personal income for July outperformed the expected (MoM) change of 0.3%, with a change of 0.4%, while personal spending matched the forecast of 0.2%.
On the other hand, the US personal consumption expenditures price index for July exceeded the (MoM) forecast of 0.1%, with a change of 0.2%, while the (YoY) equivalent beat 3.6%, with a change of 3.7%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the bitcoin price has recently completed a downward breakout from an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias as it edges closer to oversold conditions.
Therefore, the bears will look to stretch the current pullback towards $76,061 or lower to $74,185. On the other hand, the bulls will look to pounce on profits at about $79,813, or higher at $81,511.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency has recently completed an upward breakout from a descending channel formation. The 14-day RSI also bounced back to move into overbought conditions.
Therefore, the bulls will look to stretch the latest rebound towards $83,046 or higher to $88,834. On the other hand, the bears will look to pounce on pullbacks at about $71,206, or lower at $65,681.