The Bitcoin price on Friday bounced from the trendline support at about $59,227 to trade at about $61,946. The BTC/USD continues to trade within an ascending channel formation in the 60-minute chart.
The pioneer cryptocurrency has now advanced to trade a few levels above the 100-hour moving average line. As a result, Bitcoin ascended into the overbought levels of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, BTC/USD is trading at the back of a relatively busy period in the US market. On Friday, the US nonfarm payrolls for April missed the expected job count of 243k with a tally of 175k. The average hourly wage growth for the month also fell short of the forecasted (MoM) change of 0.3% with a change of 0.2%. The (YoY) equivalent also fell short of the expected change of 4% with a change of 3.9%.
On the other hand, the unemployment rate for the month missed the expected rate of 3.8% with a rate of 3.9%, up from 3.8%. Elsewhere, the ISM Services PMI for April failed to match the forecasted reading of 52 with a reading of 49.4, while the S&P Global Composite PMI for the period outshone the estimate of 50.9 with a reading of 51.3.
Earlier in the week, the US initial jobless claims for the week ending April 26 beat the expected claim count of 212k with a reading of 208k. On the other hand, the preliminary Unit Labour Costs for Q1 beat 3.2% with a change of 4.7%, while nonfarm productivity missed 0.8% with a change of 0.3%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price appears to be trading within an ascending channel formation in the 60-minute chart. The 14-hour RSI also seems to support a short-term bullish bias after ascending into overbought conditions.
Therefore, the bulls will be targeting extended gains at about $64,615 or higher at $67,226. On the other hand, the bears will look to pounce on pullbacks at about $59,227 or lower at $56,616.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency appears to be oscillating within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.
Therefore, the bulls will be targeting extended rebounds at about $73,135 or higher at $83,800. On the other hand, the bears will look to extend the current declines toward $51,583 or lower to $40,918.