On Friday, the Bitcoin price pulled back from the session highs of about $117,500 to trade at about $116,188 after the latest U.S. data. The BTC/USD also completed a downward breakout from an ascending channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency continues to oscillate above the 100-hour moving average line, despite the pullback. Friday’s pullback helped Bitcoin recover from 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 U.S. market. On Thursday, the initial jobless claims for the week ending August 1 increased to 226k, up from the previous week’s equivalent of 218k, missing the forecasted claim count of 221k.
The preliminary nonfarm productivity for Q2 also missed the expected change of 2.5% with a change of 2.4%, while the preliminary Unit Labor Costs for the quarter outshone the forecast of 1.5% with a change of 1.6%.
Earlier in the week, the U.S. ISM Services PMI for July came in worse than expected with 50.1 versus a forecast of 51.5. The S&P Global Composite PMI for the period beat the expected reading of 54.6 with a reading of 55.1, while the factory orders for June outshone the estimated change of -4.9% with a change of -4.8%.
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 has also pulled back to recover from overbought conditions.
Therefore, the bears will look to extend the current pullback towards $114,851 or lower to $113,633. On the other hand, the bulls will look to pounce on profits at about $117,409 or higher at $118,620.
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 avoid falling into oversold conditions.
Therefore, the bulls will look to stretch the current gains toward $123,570, or higher to $131,031. On the other hand, the bears will look to pounce on profits at about $109,155 or lower at $102,707.