On Tuesday, the Bitcoin price extended Monday’s pullback to trade at a session low of about $86,533 before bouncing back to $87,500. The BTC/USD trades within a slightly ascending channel formation in the 60-minute chart.
Tuesday’s late rebound pushed the price of the pioneer cryptocurrency closer to the 100-hour moving average line. As a result, Bitcoin avoided falling into 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 Tuesday, the US durable goods orders for October missed the expected change of -1.5%, with a change of -2.2%. The durable goods orders ex-transportation also fell short of the forecasted change of 0.3%, with a change of 0.2%.
On the other hand, capacity utilization for the month matched the expectation of 75.9%, down from 76% in September. In November, it recovered to 76%, beating the forecast of 75.9%. The industrial production for October missed the forecasted change of 0.1%, with a change of -0.1%. In November, it improved to a change of 0.2%, beating the forecasted change of 0.1%.
The preliminary annualized US gross domestic product for Q3 improved, with a change of 4.3% versus 3.8% in the previous quarter, beating the forecasted change of 3.3%. On the other hand, the preliminary gross domestic product price index for the period beat the estimate of 2.7%, with a change of 3.7%.
The preliminary personal consumption expenditure prices for Q3 matched the expectation of 2.8% (QoQ). The preliminary core personal consumption expenditures for the period were also in line with the expected change of 2.9% (QoQ).
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a short-term bullish bias after bouncing back to avoid falling into oversold conditions.
Therefore, the bulls will look to extend the current rebound towards $89,171 or higher to $90,556. On the other hand, the bears will look to pounce on profits at about $85,856 or lower at $84,372.
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 recover from oversold conditions.
Therefore, the bulls will look to stretch the current rebound towards $94,614 or higher to $101,349. On the other hand, the bears will look to extend the current decline toward $80,147 or lower to $72,914.