On Friday, the Bitcoin price bounced from the session lows of about $85,282 to trade at about $87,941 after the latest data. The BTC/USD trades within a slightly descending channel formation in the 60-minute chart.
Friday’s rebound pushed the price of the pioneer cryptocurrency slightly above the 100-hour moving average line. As a result, Bitcoin is on the verge of entering the overbought 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 U.S. market. On Thursday, the US consumer price index for November missed the expected (YoY) change of 3.1%, with a change of 2.7%. The consumer price index ex-food and energy also fell short of 3%, with a change of 2.6%.
On the other hand, the initial jobless claims for last week came in better than expected, with 224k versus a forecast of 225k, down from the previous week’s equivalent of 237k. The Philadelphia Fed manufacturing Survey for December fell to -10.2, down from -1.7, missing the forecasted reading of 3.
Earlier in the week, US retail sales missed the expected change of 0%, with a change of -0.3%. The retail sales control group came in better than expected, with 0.8% versus a forecast of 0.3%, while the retail sales ex-autos outshone the estimated change of 0.3%, with a change of 0.4%.
On the other hand, nonfarm payrolls for November increased to 64k, up from -105k in the preceding month, beating the forecasted tally of 50k. The unemployment rate for the month increased to 4.6%, up from 4.4% in October, missing the forecast of 4.4%. The average hourly earnings growth for the period also fell short of 0.3%, with a change of 0.1% (MoM).
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD trades within a slightly descending channel formation in the 60-minute chart. However, the 14-hour RSI has recently bounced back to avoid falling into oversold conditions.
Therefore, the bulls will look to extend the current rebound towards $90,107 or higher to $92,602. On the other hand, the bears will look to pounce on profits at about $85,282 or lower at $82,621.
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 has recently bounced back to avoid falling into oversold conditions.
Therefore, the bulls will look to stretch the current rebound towards $95,218 or higher to $101,937. On the other hand, the bears will look to ride the current run of declines toward $80,644 or lower to $73,819.