On Thursday, the Bitcoin price bounced back from the session lows of about $79,766 to trade at about $82,253. BTC/USD trades within a descending channel formation on the 60-minute chart.
The price of the pioneer cryptocurrency continues to trade slightly below the 100-hour moving average line, despite the rebound. As a result, it still has some room left to run before reaching 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 retail sales for September outperformed the (MoM) expectation of 0.3%, with a change of 0.7%. The retail sales ex-autos also outshone the estimate of 0.5%, with a change of 0.9%.
On the other hand, the Philadelphia Fed Manufacturing Survey for October fell short of 28.4, with a reading of 20.9, down from the previous month’s equivalent of 37.8. The NY Empire State Manufacturing Index for the month came in stronger than expected, at 25.5 versus a forecast of 10.3, up from 7.6 in September. The initial jobless claims for last week also beat the forecast claim count of 200k, with 199k, up from the previous week’s equivalent of 198k.
Elsewhere, the producer price index for September rose sharply on a month-over-month basis to 1.3%, up from 0.5%, beating the forecast change of 0.5%. The (YoY) equivalent also outperformed the expectation of 5.3%, with a change of 6.3%, up from the preceding month’s 5.6%. On the other hand, the producer price index ex-food and energy for the period exceeded the (MoM) and (YoY) forecasts of 0.3% and 4.4%, respectively, with changes of 0.7% and 5%.
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 avoid falling into oversold conditions.
Therefore, the bulls will look to stretch the current rebound towards $84,404 or higher, up to $86,526. On the other hand, the bears will look to pounce on pullbacks at about $79,766 or lower, down to $77,486.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency trades within an ascending channel formation. However, the 14-day RSI has recently pulled back to recover from overbought conditions.
Therefore, the bears will look to stretch the latest pullback towards $76,522 or lower, down to $70,504. On the other hand, the bulls will look to pounce on rebounds at about$87,320 or higher, up to $92,926.