On Friday, the Bitcoin price bounced from the trendline support at about $61,140 to trade at about $62,066 after the latest data. BTC/USD trades within an ascending channel formation in the 60-minute chart. 

The price of the pioneer cryptocurrency has now advanced to trade a few levels above the 100-hour moving average line. As a result, it is on the verge of entering the overbought 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 Thursday, the US initial jobless claims for last week came in lower than expected, with 215k versus a forecast of 220k, down from the previous week’s claim count of 216k. On the other hand, the US jobs data for June fell to 57k, down from 129k in May, missing the forecasted job count of 110k. 

The unemployment rate for the period also edged lower to 4.2%, down from the preceding month’s equivalent of 4.3%, beating the forecasted rate of 4.3%. The average hourly wage growth matched the forecasted (MoM) and (YoY) changes of 0.3% and 3.5%, respectively. Elsewhere, factory orders for May outperformed the expected (MoM) change of -1.8%, with a change of -1.3%.

Earlier in the week, the US ISM Manufacturing PMI for June missed the expected reading of 54, with a reading of 53.3, down from the preceding month’s equivalent of 54. The ISM Manufacturing Prices Paid for the period also fell short of 79, with a reading of 73, down from 82.1 in May. The ADP employment change for June missed the expected change of 113k, with a change of 98k, down from the previous month’s equivalent of 122k.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price trades within an ascending channel formation on the 60-minute chart. The 14-hour RSI also supports a bullish bias as it moves closer to overbought conditions.

Therefore, the bulls will look to extend the current run of gains toward $62,928 or higher to $63,988. On the other hand, the bears will look to pounce on pullbacks at about $61,140 or lower to $60,080.

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 re-entering oversold conditions.

Therefore, the bulls will look to stretch the current rebound towards $67,126 or higher to $71,872. On the other hand, the bears will look to pounce on profits at about $56,824 or lower at $52,051.