On Friday, the Bitcoin price bounced from the key support at about $93,534 to trade at about $95,414 after the latest U.S. data. The BTC/USD also completed an upward breakout from a sideways channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency has now advanced to trade a few levels 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 Friday, the Michigan Consumer Sentiment Index for April came in better than expected with 52.2 versus a forecast of 50.8.

The Michigan Consumer Expectations Index for the period also beat 47.2 with a reading of 47.3, while the UoM 5-year consumer inflation expectations for the month matched the forecast of 4.4%. The UoM 1-year consumer inflation expectation for the month edged lower to 6.5%, down from 6.7%, missing the forecast of 6.7%.

Earlier in the week, the durable goods orders for March outperformed the expected change of 2% with a change of 9.2%. The durable goods orders ex-defence also beat 0.2% with a change of 10.4%, while the durable goods orders ex-transportation missed 0.2% with a change of 0%.

Elsewhere, the nondefense capital goods orders ex-aircraft failed to match the expectation of 0.2% with a change of 0.1%, while the existing home sales change of the month fell short of -3% with a change of -5.9%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD has completed an upward breakout from a sideways channel formation in the 60-minute chart. The 14-hour RSI also supports a bullish bias as it edges closer to overbought conditions.

Therefore, the bulls will look to extend the current rebound towards $97,194 or higher to $98,965. On the other hand, the bears will look to pounce on pullbacks at about $93,534 or lower at $91,762.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within an ascending channel formation. The 14-day RSI also supports a bullish bias as it is on the verge of entering overbought conditions.

Therefore, the bulls will look to ride the current rally towards $101,195 or higher to $107,030. On the other hand, the bears will look to pounce on profits at about $89,318 or lower at $82,858.