On Friday, the Bitcoin price bounced from the session lows of about $78,203 to trade at about $80,657 after the latest US data. BTC/USD also completed an upward breakout from a descending channel formation on the 60-minute chart.
The price of the pioneer cryptocurrency has now advanced to trade several levels above the 100-hour moving average line. As a result, Bitcoin entered the overbought 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, US industrial production for August fell short of the forecasted (MoM) change of 0.3% with 0%.
On Thursday, the initial jobless claims for last week came in better than expected, at 196k versus a forecast of 208k, down from the previous month’s equivalent of 206k. August building permits missed expectations of 1.41 million, tallying 1.394 million (MoM). Housing starts for the period also fell short of 1.31 million, with a tally of 1.275 million.
The Philadelphia Fed Manufacturing Survey for September fell to 37.8, down from 47.4 in August, beating the forecast reading of 30.5. On the other hand, pending home sales for August fell short of the forecast (MoM) change of 2%, with a change of 0.2%.
Elsewhere, the Federal Reserve raised the base interest rate by 25 basis points to 4%, up from 3.75% as expected. Retail sales for August outperformed the expected (MoM) change of 0.8%, with a change of 1.2%. The retail sales ex-autos also outshone the (MoM) forecast of 0.5%, with a change of 1.4%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price has recently completed an upward breakout from a descending channel formation on the 60-minute chart. The 14-hour RSI also supports a bullish bias after entering overbought conditions.
Therefore, the bulls will look to stretch the current rebound towards $82,748 or higher, to $84,869. On the other hand, the bears will look to pounce on pullbacks at about $78,203 or lower, down to $76,183.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency trades within a sideways channel formation. The 14-day RSI has recently pulled back to recover from overbought conditions.
Therefore, the bears will look to stretch the latest pullback towards $75,074 or lower, down to $69,298. On the other hand, the bulls will look to pounce on rebounds at about $86,007 or higher, up to $91,783.