On Friday, the Bitcoin price pulled back from the session highs of about $73,967 to trade at about $68,132 after the latest data. The BTC/USD also completed a downward breakout from an ascending channel formation in the 60-minute chart.
Friday’s pullback pushed the price of the pioneer cryptocurrency a few levels below the 100-hour moving average line. As a result, Bitcoin entered the oversold 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 US market. On Friday, the US jobs data for February plunged to -92k, down from 126k in January, missing the forecasted job count of 59k. The unemployment rate for the month edged higher to 4.4%, up from 4.3% in January, also above the forecasted rate of 4.3%.
On the other hand, the average hourly earnings for the period exceeded the (MoM) expectation of 0.3%, with a change of 0.4%. The (YoY) equivalent also outshone the forecast of 3.7%, with a change of 3.8%. The retail sales for January outperformed the expected (MoM) change of -0.3%, with a change of -0.2%.
Earlier in the week, the US initial jobless claims for last week remained unchanged from the preceding week, with 213k, beating the forecasted claim count of 215k. On the other hand, the preliminary nonfarm productivity for Q4 fell short of 4.8%, with a change of 2.8%, while unit labor costs for the quarter beat the expectation of 0.2%, with a change of 2.8%.
Elsewhere, the ISM Services PMI for February beat the forecasted reading of 53.5, with a reading of 56.1, up from 53.8 in January.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price has completed a downward breakout from an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias after entering oversold conditions.
Therefore, the bears will look to extend the latest pullback towards $64,630 or lower to $61,273. On the other hand, the bulls will look to pounce on profits at about $70,829 or higher at $73,962.
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 recover from oversold conditions.
Therefore, the bulls will look to stretch the latest rebound towards $79,671 or higher to $90,582. On the other hand, the bears will look to pounce on profits at about $56,427 or lower at $45,043.