On Friday, the Bitcoin price extended Thursday’s pullback from the current month’s highs of $81,027 to trade at about $75,799. 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 recently bounced back to recover from 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, US nonfarm payrolls in October increased from September’s upward-revised figure of 60k to 165k, beating the forecast net job change of 65k. The unemployment rate also fell to 4.1% in October, down from the previous month’s equivalent of 4.2%, beating the forecast rate of 4.2%. 

The average hourly earnings for the month grew by 0.4% (MoM), beating the forecast growth rate of 0.3%. The (YoY) equivalent also outperformed the expectation of 2.9%, with a change of 3.1%. On the other hand, the preliminary Michigan Consumer Sentiment Index for November rose to 51, up from 48 in October, beating the forecast reading of 48. 

On Thursday, the US initial jobless claims for last week fell to 189k, down from the previous month’s equivalent of 195k, and below the forecast claim count of 196k. The preliminary nonfarm productivity for Q3 also outperformed the expectation of 2.5%, with a change of 3.6%, while the preliminary unit labor costs for the quarter fell short of 0.6%, with a change of -0.7%.

Earlier in the week, the US ISM Manufacturing PMI for October outperformed the expectation of 54.6, with a reading of 55.5. The ISM Services PMI for the period fell short of 54.8, with a reading of 54.5, while the ADP employment change was unchanged at 86k, beating the forecast of 69k.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price trades within a slightly descending channel formation on the 60-minute chart. However, the 14-hour RSI has recently bounced back to recover from oversold conditions.

Therefore, the bulls will look to extend the current rebound towards $78,599 or higher, up to $81,027. On the other hand, the bears will look to pounce on profits at about $73,228 or lower, down to $70,800.

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 avoid falling into oversold conditions.

Therefore, the bulls will look to stretch the current rebound towards $82,071 or higher, up to $87,645. On the other hand, the bears will look to pounce on extended declines at about $69,585 or lower, down to $63,565.