On Friday, the Bitcoin price pulled back from the session highs of about $91,604 to trade at about $90,239 after the latest U.S. data. The BTC/USD trades within a descending channel formation in 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. As a result, it 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 U.S. initial jobless claims for last week came in slightly lower than expected, with 208k versus a forecast of 210k, up from the previous week’s equivalent of 200k. 

On Wednesday, the ISM Services PMI for December outperformed the expectation of 52.3, with a reading of 54.4, up from 52.6 in November. On the other hand, the ADP employment change for the month fell short of the forecasted change of 47k, with a change of 41k, up from the previous month’s equivalent of -29k. 

Elsewhere, the JOLTS Job Openings for November fell to 7.146 million, down from 7.449 million in October, missing the forecasted tally of 7.6 million. The factory orders for October also fell short of the expected (MoM) change of -1.2%, with a change of -1.3%. 

Earlier in the week, the ISM Manufacturing PMI for December missed the expected reading of 48.3, with a reading of 47.9, while the ISM Manufacturing Prices Paid failed to match the forecast of 59, with 58.5. Traders will be looking forward to the nonfarm payrolls data on Friday. 

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price trades within a descending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias as it moved closer to oversold conditions.

Therefore, the bears will look to stretch the current declines toward $88,741 or lower to $87,216. On the other hand, the bulls will look to pounce on rebounds at about $91,604 or higher at $93,035.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within a slightly ascending channel formation. However, the 14-day RSI has recently pulled back to avoid entering overbought conditions.

Therefore, the bears will look to extend the latest pullback towards $82,307 or lower to $74,700. On the other hand, the bulls will look to pounce on profits at about $98,026 or higher at $105,125.