On Friday, the Bitcoin price extended the current week’s pullback from the weekly highs of about $65,518 to trade at about $63,076. BTC/USD trades within a descending channel formation on the 60-minute chart.

The price of the pioneer cryptocurrency has now fallen to trade a few levels below the 100-hour moving average line. However, it bounced back later to avoid falling into the oversold 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, the US industrial production for June missed the expected (MoM) change of 0.2%, with a change of 0.1%. The building permits for June also fell short of the forecasted tally of 1.4 million, with a tally of 1.367 million, while the housing starts for the period beat 1.31 million, with a tally of 1.427 million. 

On Thursday, the US initial jobless claims fell to 208k, down from the previous week’s equivalent of 216k, beating the forecasted claim count of 217k. The Philadelphia Fed Manufacturing Survey for July also came in stronger than expected, with 41.4 versus a forecast of 13, up from the previous month’s equivalent of 10.3. 

On the other hand, the retail sales for June matched the forecast of 0.2% (MoM). The retail sales control group was also in line with the forecasted change of 0.5%, while the retail sales ex-autos missed the forecasted (MoM) change of -0.1%, with a change of -0.2%. Elsewhere, the pending home sales for the month missed the expected change of -0.5%, with a change of -5.4% (MoM).

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, BTC/USD trades within a descending channel formation in the 60-minute chart. However, the 14-hour RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will look to stretch the latest rebound towards $64,290 or higher to $65,518. On the other hand, the bears will look to pounce on profits at about $61,717 or lower at $60,431.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency has recently completed an upward breakout from a descending channel formation. However, the 14-day RSI still has room left to run before reaching overbought conditions.

Therefore, the bulls will look to extend the current rebound towards $73,185 or higher to $82,475. On the other hand, the bears will look to pounce on profits at about $53,571 or lower at $43,592.