On Friday, the Bitcoin price extended its decline to trade at about $109,112 after setting a new week high of $$110,590 earlier in the week. The BTC/USD trades within a slightly ascending channel formation in the 60-minute chart.
Bitcoin continues to trade slightly above the 100-hour moving average line, despite the pullback. As a result, the price of the pioneer cryptocurrency still has room left to run before reaching 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. ISM Services PMI for June came in stronger than expected with 50.8 versus a forecast of 50.5. The S&P Global Composite PMI for the month also beat the expectation of 52.8 with a reading of 53.9.
On the other hand, the U.S. jobs data for the period exceeded the forecasted net job change of 110k with a tally of 147k, up from 144k in May, while the unemployment rate improved to 4.1%, up from 4.2%, beating the forecast of 4.3%. However, the average hourly wage growth for the month came in lower than expected, with 0.2% (MoM) versus a forecast of 0.3%. The (YoY) equivalent also missed the estimate of 3.9% with a change of 3.7%.
Earlier in the week, the ADP employment change for June plummeted to -33k, down from 29k in May, missing the forecast of 95k. The ISM Manufacturing PMI for June beat the expectation of 48.8 with a reading of 48. The ISM Manufacturing Prices Paid also outshone 69 with 60.7, while the ISM Manufacturing Employment Index missed 47 with a reading of 45.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD trades within a slightly ascending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to avoid rallying into overbought conditions.
Therefore, the bears will look to extend the current pullback towards $107,260 or lower to $105,306. On the other hand, the bulls will look to pounce on profits at about $111,182 or higher at $113,246.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the bitcoin price trades within a slightly descending channel formation. However, the 14-day RSI has recently bounced back to move closer to overbought conditions.
Therefore, the bulls will look to extend the current rally towards $113,694 or higher to $118,878. On the other hand, the bears will look to pounce on pullbacks at about $103,266 or lower to $98,763.