On Friday, the Bitcoin price extended declines from the session highs of about $63,683 to trade at about $60,807. The BTC/USD trades within a descending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency continues to trade a few levels below the 100-hour moving average line. As a result, Bitcoin is on the verge of re-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 US market. On Friday, the US jobs data for May outperformed the expectation of 85k, with a tally of 172k, down from the previous month’s equivalent of 179k. On the other hand, the unemployment rate for the month matched the forecasted rate of 4.3%, unchanged from April. The average hourly wage growth for the period was also in line with the estimated (MoM) and (YoY) growth rates of 0.3% and 3.4%, respectively.

On Thursday, the US initial jobless claims for last week came in higher than expected, with 225k versus a forecast of 213k, up from the previous week’s equivalent of 212k. On the other hand, nonfarm productivity for Q1 missed the expected change of 0.8%, with a change of 0.3%, while unit labor costs for the quarter fell short of the forecasted change of 2.3%, with a change of 1.8%.

Earlier in the week, the US ISM Services PMI for May outperformed the expected reading of 53.8, with a reading of 54.5, up from the previous month’s equivalent of 53.6. The S&P Global Composite PMI for the period fell short of the forecasted reading of 51.7, with a reading of 51.5, down from 51.7 in April.

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 has also pulled back to move closer to re-entering oversold conditions. 

Therefore, the bears will look to pounce on extended declines at about $57,730 or lower at $54,284. On the other hand, the bulls will look to pounce on rebounds at about $63,683 or higher at $67,130.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within a descending channel formation. The 14-day RSI also supports a long-term bearish bias after entering oversold conditions.

Therefore, the bears will look to stretch the latest pullback towards $48,723 or lower to $37,558. On the other hand, the bulls will look to pounce on rebounds at about $71,851 or higher at $82,218.