On Friday, the Bitcoin price bounced back from the session lows of about $62,401 to trade at about $63,078 after the latest data. BTC/USD trades within a descending channel formation on the 60-minute chart.

The price of the pioneer cryptocurrency continues to oscillate below the 100-hour moving average line, despite the rebound. Friday’s rebound prevented Bitcoin from falling into 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 preliminary Michigan Consumer Sentiment Index for August missed the expectation of 54.5, with a reading of 51, down from the previous month’s equivalent of 55.2.

The US retail sales for July also fell short of the forecasted (MoM) change of 0.1%, with a change of -0.6%, while the retail sales ex-autos missed 0.2%, with a change of -0.3%. 

On Thursday, the US producer price index for July missed the expected (MoM) and (YoY) changes of 0.2% and 4.9%, respectively, with changes of 0% and 4.7%. On the other hand, the producer price index ex-food and energy for the period fell short of the (MoM) forecast of 0.3%, with a change of 0.2%, while the (YoY) equivalent was in line with the estimate of 4.2%.

Elsewhere, the US initial jobless claims for last week came in worse than expected, with 209k versus a forecast of 202k, up from the previous week’s claim count of 200k. 

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price trades within a descending channel formation on 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 latest rebound towards $63,843 or higher to $64,591. On the other hand, the bears will look to pounce on profits at about $62,401 or lower at $61,653.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within a triangle pattern formation. The 14-hour RSI recently pulled back but still has plenty of room left to run before reaching oversold conditions.

Therefore, the bears will look to stretch the current pullback towards $59,324 or lower to $55,572. On the other hand, the bulls will look to pounce on rebounds at about $66,986, or higher at $70,426.