The bitcoin price on Friday momentarily spiked to trade above $31,000 for the first time since June last year before pulling back to $30,760. The price of the pioneer cryptocurrency appears to be trading within an ascending channel formation in the 60-min chart.

Bitcoin continues to trade consistently above the 100-hour moving average line. However, Friday’s slight pullback prevented the BTC/USD from ascending deep into the overbought levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the BTC/USD is trading at the back of a relatively busy period in the US market. On Friday, the US retail sales for March missed the expected (MoM) change of -0.4% with a change of -1%. The retail sales control group also came short of the forecasted change of 0.6% with a change of -0.3%, while retail sales ex-autos missed the expectation of -0.3% with a change of -0.8%. On the other hand, the preliminary Michigan consumer sentiment index for April outperformed the expected reading of 62 with a reading of 63.5. 

On Thursday, the initial jobless claims for last week came in higher than expected at 239k compared to a forecast of 232k. The continuing claims for the preceding week impressed with a lower tally of 1.81 million compared to an estimated claim count of 1.814 million. The consumer price index ex-food and energy for March matched both the (MoM) and (YoY) expectations of 0.4% and 5.6%, respectively.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price seems to be trading within an ascending channel formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to ride the current rally towards $31,038 or higher to $31.312. On the other hand, the bears will look to pounce on profits at about $30,420 or lower at $30,117.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency appears to be trading within an ascending channel formation. This indicates a significant long-term bullish bias in the market sentiment.

Therefore, the bulls will be targeting long-term profits at about $31,692 or higher at $32,746. On the other hand, the bears will be looking to pounce on profits at about $29,695 or lower at $28,528.