On Friday, the Bitcoin price plummeted to trade at a new week low of about $83,863 after the latest U.S. data. The BTC/USD also completed a downward breakout from a descending channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency has now nosedived several levels below the 100-hour moving average line. As a result, the Bitcoin price entered the oversold conditions 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 March came in slightly lower than expected with 57 versus a forecast of 57.9, down from the preceding month’s equivalent of 57.9. On the other hand, the UoM 5-year consumer inflation expectation for the month increased to 4.1% from 3.9%, beating the forecast of 3.9%.
Elsewhere, personal income outshone the estimated (MoM) change of 0.4% with a change of 0.8%, while personal spending missed 0.5% with a change of 0.4%. The personal consumption expenditures – price index for March was in line with the estimates of 0.3% (MoM) and 2.5% (YoY). The core personal consumption expenditures – price index for the period beat the (MoM) forecast of 0.3% with 0.4%, while the (YoY) equivalent outshone 2.7% with 2.8%.
Earlier in the week, the U.S. annualised gross domestic product for Q4 exceeded the expectation of 2.3% with 2.4%, while the gross domestic product – price index for the quarter missed 2.4% with 2.3%. Pending home sales for February came in better than expected with a change of 2% versus a forecast of 1.5% (MoM).
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price has completed a downward breakout from a descending channel formation. The 14-hour RSI also supports a strong bearish bias after plummeting into oversold conditions.
Therefore, the bears will look to extend the current pullback towards $82,520 or lower to $81,170. On the other hand, the bulls will look to pounce on rebounds at about $85,219 or higher at $86,531.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the BTC/USD trades within an ascending channel formation. However, the 14-day RSI still has room left to run before reaching the overbought conditions of the indicator.
Therefore, the bulls will look to stretch the current rally towards $88,129 or higher to $92,255. On the other hand, the bears will look to pounce on profits at about $79,432 or lower at $75,306.