On Friday, the Bitcoin price pulled back from the session highs of about $81,466 to trade at about $79,742 after the latest US data. BTC/USD trades within a sideways channel formation on the 60-minute chart.
The price of the pioneer cryptocurrency continues to trade slightly above the 100-hour moving average line, despite the pullback. 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 US jobs data for August came in higher than expected, at 162k versus a forecast of 56k, up from the previous month’s equivalent of 21k.
The unemployment rate for the month remained unchanged from July, at 4.1%, in line with expectations. The average hourly wage growth for the period also matched the forecast (MoM) change of 0.3%, while the (YoY) equivalent outshone the forecast of 3%, with a change of 3.1%.
On Thursday, the US initial jobless claims for last week came in worse than expected, at 206k versus a forecast of 205k, up from the previous week’s equivalent of 204k. On the other hand, the US nonfarm productivity for Q2 matched expectations at 1.4%, while unit labor costs for the quarter fell short of 1.3%, with a change of 1.2%.
Elsewhere, the ISM Services PMI for August came in better than expected, at 55.4 versus a forecast of 54.3, up from the previous month’s equivalent of 54.1. On the other hand, the S&P Global Composite PMI for the period remained unchanged from July, at 56, as expected.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within a sideways channel formation on the 60-minute chart. However, the 14-hour RSI has recently pulled back to recover from overbought conditions.
Therefore, the bears will look to extend the latest pullback towards $77,963 or lower, to $76,211. On the other hand, the bulls will look to pounce on rebounds at about $81,466 or higher, up to $83,083.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency also trades within a sideways channel formation. The 14-day RSI has also pulled back to recover from overbought conditions.
Therefore, the bears will look to extend the current pullback towards $72,338 or lower, to $63,518. On the other hand, the bulls will look to pounce on profits at about $87,366 or higher, up to $95,532.