On Friday, the Bitcoin price bounced back from the session lows of about $76,147 to trade at about $79,397 after the latest US data. BTC/USD also completed an upward breakout from a descending channel formation on the 60-minute chart.
The price of the pioneer cryptocurrency has since rallied to trade a few levels above the 100-hour moving average line. As a result, it entered the overbought levels of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the BTC/USD price trades during a relatively busy period in the US market. On Friday, the preliminary Michigan Consumer Sentiment Index for September fell to 47.8, down from the previous month’s equivalent of 51.7, missing the forecast reading of 51.
The consumer price index for August matched the expected (MoM) and (YoY) changes of 0.4% and 3.4%, respectively. On the other hand, the consumer price index ex-food and energy for the period outshone the (MoM) forecast of 0.2%, with a change of 0.3%, while the (YoY) equivalent was in line with the estimate of 2.4%.
On Thursday, the US initial jobless claims for last week fell slightly to 206k, down from the previous week’s equivalent of 207k, missing the forecast claim count of 205k. The producer price index for August matched the expected (MoM) change of 0.4%. The (YoY) equivalent was slightly stronger than expected, at 5.4% versus a forecast of 4.3%.
On the other hand, the producer price index ex-food and energy for the period fell short of the forecasted (MoM) change of 0.3%, with a change of 0.2%. The (YoY) equivalent was in line with the estimate of 4.6%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price has recently completed an upward breakout from a descending channel formation on the 60-minute chart. The 14-hour RSI also supports a bullish bias after ascending into overbought conditions.
Therefore, the bulls will look to extend the current rebound towards $81,152 or higher, up to $82,875. On the other hand, the bears will look to pounce on pullbacks at about $77,870 or lower, down to $76,147.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD price has also recently completed an upward breakout from a descending channel formation. However, the 14-day RSI has since pulled back to recover from overbought conditions.
Therefore, the bears will look to extend the latest pullback towards $75,152 or lower, down to $69,823. On the other hand, the bulls will look to pounce on profits at about $84,651 or higher, up to $89,749.