On Friday, the Bitcoin price bounced from the session lows of about $99,657 to trade at about $104,769 after the latest U.S. data. The BTC/USD trades within an ascending channel formation in the 60-minute chart.
Bitcoin has now advanced to trade several levels above the 100-hour moving average line. As a result, the price of the pioneer cryptocurrency has entered overbought conditions in 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 Friday, the building permits for December came in better than expected with 1.483 million versus a forecast of 1.46 million. The housing starts for the period also beat the expectation of 1.32 million with 1.499 million, while the industrial production for the month, outshone the forecasted (MoM) change of 0.3% with a change of 0.9%.
On Thursday, the initial jobless claims for the week ending January 10 fell short of 210k with a significantly higher tally of 210k. The U.S. retail sales for December also missed the forecasted change of 0.6% with a change of 0.3% (MoM), while the Philadelphia Fed Manufacturing Survey for January beat -5 with a reading of 44.3, up from -10.9 in December.
Earlier in the week, the U.S. consumer price index for December exceeded the (MoM) forecast of 0.3% with a change of 0.4%. The (YoY) equivalent matched the expectation of 2.9%. On the other hand, the consumer price index ex-food and energy fell short of 3.3% with a change of 3.2% (YoY), while the (MoM) equivalent was in line with the estimate of 0.2%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a short-term bullish bias after entering overbought conditions.
Therefore, the bulls will look to stretch the current rally towards $107,165 or higher to $109,628. On the other hand, the bears will look to pounce on pullbacks at about $102,121 or lower at $99,657.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the Bitcoin price trades within an ascending channel formation. The 14-day RSI has also bounced back to move closer to the overbought conditions of the indicator.
Therefore, the bulls will be targeting long-term profits at about $111,242 or higher at $118,641. On the other hand, the bears will look to pounce on pullbacks at about $97,021 or lower at $89,314.