The bitcoin price on Friday pulled back off session highs of about $27,790 to trade at about $27,542 after the US jobs data. The BTC/USD appears to be trading within a sideways channel formation in the o60-min chart.

The price of the pioneer cryptocurrency has now fallen to trade below the 100-hour moving average line. Friday’s pullback prevented the BTC/USD from advancing into the overbought levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, bitcoin is trading at the back of a relatively busy period in the US market. On Friday, the US nonfarm payrolls for September outperformed the expected job count of 170k with a significantly higher tally of 336k.

However, the unemployment rate for the month remained unchanged from August at 3.8%, missing the forecasted rate of 3.7%. The average hourly wage also missed the expected (MoM) and (YoY) growth rates of 0.3% and 4.3%, respectively with 0.2% and 4.2%. The labour force participation rate was unchanged at 62.8%.

Earlier in the week, the initial jobless claims for the week ending September 29 outperformed the expected claim count of 210k with a slightly lower tally of 207k. The continuing claims for the preceding week also beat 1.675 million with 1.664 million. Elsewhere, the ADP employment change missed the expectation of 153k with a tally of 89k, while the ISM Services PMI was in line with the estimate of 53.6.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD appears to be trading within a sideways channel formation in the 60-min chart. This indicates a lack of a clear directional bias in the market sentiment.

Therefore, the bulls will be targeting potential rebound profits at about $27,790 or higher at $28.031. On the other hand, the bears will look to pounce on pullbacks at about $27,285 or lower at $27,085.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency also seems to be trading within a sideways channel formation. This indicates a lack of a clear directional bias in the market sentiment.

Therefore, the bulls will be targeting long-term profits at about $28,660 or higher at $29,849. On the other hand, the bears will look to pounce on profits at about $26,281 or lower at $25,046.