The Bitcoin price on Friday extended sideways movement around the $66,850 level following the latest round of data. The BTC/USD appears to be trading within a slightly ascending channel formation in the 60-minute chart.

The pioneer cryptocurrency continues to trade a few levels below the 100-hour moving average line. As a result, Bitcoin still has a lot of room left to run before reaching the overbought conditions of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the BTC/USD is trading at the back of a relatively busy period in the US market. On Thursday, the US initial jobless claims for the week ending June 7 missed the expected claim count of 225k with a significantly higher tally of 242k. The continuing claims for the preceding week also fell short of 1.8 million with a tally of 1.82 million.

On the other hand, the US producer price index for May failed to match the forecasted (MoM) change of 0.1% with a change of -0.2%, while the (YoY) equivalent fell short of the forecasted change of 2.5% with a change of 2.2%. On the other hand, the producer price index ex-food and energy missed both the (MoM) and (YoY) expectations of 0.3% and 2.4%, respectively with changes of 0% and 2.3%.

Earlier in the week, the Federal Reserve voted to keep the base interest rate unchanged at 5.5% in line with expectations. The consumer price index for May missed the (MoM) and (YoY) expectations of 0.1% and 3.4%, respectively with changes of 0% and 3.3%, while the CPI ex-food and energy fell short of 0.3% (MoM) and 3.5% (YoY) with changes of 0.2% and 3.4%, respectively.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price is trading within a gently ascending channel formation in the 60-minute chart. However, the 14-hour RSI still seems to have a lot of room left to run before reaching overbought conditions.

Therefore, the bulls will be targeting extended gains at about $68,491 or higher at $69,974. On the other hand, the bears will look to pounce on pullbacks at about $65,353 or lower at $63,756.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the pioneer cryptocurrency appears to be trading within an ascending channel formation. However, the 14-day RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will be targeting extended pullbacks at about $61,530 or lower at $56,583. On the other hand, the bulls will be targeting long-term profits at about $71,819 or higher at $76,744.