On Friday, the Bitcoin price extended Thursday’s rebound from about $87,117 to trade at about $89,744 after the latest US data. The BTC/USD trades within a sideways channel formation in the 60-minute chart.

The latest rebound pushed the price of the pioneer cryptocurrency 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, the BTC/USD trades during a relatively busy period in the U.S. market. On Wednesday, the US initial jobless claims for last week fell to 199k, down from the preceding week’s equivalent of 215k, beating the forecasted tally of 220k. The continuing claims for the preceding four weeks also edged lower to 1.866 million, down from 1.913 million in the corresponding period.

On Tuesday, the Chicago Purchasing Managers’ Index for December outperformed the expectation of 39.5, with a reading of 43.5, up from 36.3. The housing price index for October also exceeded the expectation of 0.1%, with a change of 0.4% (MoM), while the S&P/Case-Shiller Home Price Indices for the period outshone the expected (YoY) change of 1.1%, with a change of 1.3%.

The latest Redbook Index reading improved with a change of 7.6%, versus 7.2% in the previous update. On the other hand, the pending home sales for November exceeded the expected (MoM) change of 1%, with a change of 3.3%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price trades within a sideways channel formation in 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 rebound towards $91,539 or higher to $93,611. On the other hand, the bears will look to pounce on pullbacks at about $87,117 or lower at $84,907.

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 latest rebound towards $97,131 or higher to $107,003. On the other hand, the bears will look to ride the current run of declines toward $80,147 or lower to $69,898.