On Friday, the Bitcoin price pulled back from the session highs of about $120,775 to trade at about $117,916 after the latest U.S. data. The BTC/USD also completed a downward breakout from an ascending channel formation.
The price of the pioneer cryptocurrency also fell below the 100-hour moving average line in the 60-minute chart. As a result, Bitcoin is on the verge of entering 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 U.S. market. On Thursday, the Genius Act, which brings about a clear regulatory framework for stablecoins, was approved by the U.S., ushering in a potentially industry-shifting change in financial markets. Bitcoin spiked momentarily but could not retest its current all-time highs.
In the latest U.S. economic data, the preliminary Michigan Consumer Sentiment Index for July came in better than expected, with 61.8 versus a forecast of 61.5, up from 60.7. The building permits for June also beat the expectation of 1.39 million with 1.397 million, while housing starts outshone the estimate of 1.3 million with a tally of 1.321 million.
Earlier in the week, the U.S. retail sales for June outperformed the expected change of 0.1% with a change of 0.6%. The retail sales ex-autos also outshone the forecast of 0.3% with a change of 0.5%.
On the other hand, the initial jobless claims for the week ending July 11 came in lower than expected, with 221k versus a forecast of 235k, down from the previous week’s equivalent of 228k. The Philadelphia Fed Manufacturing Survey for July exceeded the expectation of -1 with a reading of 15.9, up from -4 in June.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD has completed a downward breakout from an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias as it edges closer to oversold conditions.
Therefore, the bears will look to extend the current pullback towards $115,015 or lower to $112,427. On the other hand, the bulls will look to pounce on profits at baiut $120,775 or higher at $123,360.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the Bitcoin price trades within an ascending channel formation. However, it has recently pulled back to recover from overbought conditions.
Therefore, the bears will look to stretch the current pullback towards $107,229 or lower to 497,949. On the other hand, the bulls will look to ride the current rally towards $128,897 or higher to $139,836.