On Friday, the Bitcoin price pulled back from the session highs of about $85,187 to trade at about $84,476. The BTC/USD trades within a descending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency has now fallen below the 100-hour moving average line. However, it still has room left to run before reaching the oversold levels of the 14-hour RSI.

Bitcoin Price Fundaentals Overview

From a fundamental perspective, the BTC/USD trades during a relatively busy period in the U.S. market. On Thursday, the U.S. building permits for March came in better than expected with 1.482 million versus a forecast of 1.45 million, up from 1.459 million in February.

The housing starts for the period missed the expectation of 1.42 million with 1.324 million, down from the preceding month’s equivalent of 1.494 million. On the other hand, the Philadelphia Fed Manufacturing Survey for April fell to -26.4, down from 12.5, missing the forecast of 2. The initial jobless claims for last week outshone the estimate of 225k with 215k, down from 224k.

Earlier in the week, the U.S. retail sales for March exceeded the (MoM) forecast of 1.3% with a change of 1.4%. The retail sales ex-autos also beat 0.3% with a change of 0.5% (MoM), while the industrial production for the period missed the expectation of -0.2% with a change of -0.3% (MoM). Elsewhere, the NY Empire State Manufacturing Index for April outperformed the expectation of -14.5 with a reading of -8.1, up from -20 in March.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price trades within a descending channel formation in the 60-minute chart. However, the 14-hour RSI still has room left to run before reaching oversold conditions.

Therefore, the bears will look to extend short-term pullbacks toward $83,746 or lower to $83,013. On the other hand, the bulls will look to pounce on rebounds at about $85,187 or higher at $85,943.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD trades within an ascending channel formation. However, the 14-day RSI still has room left to run before reaching overbought conditions.

Therefore, the bulls will target long-term gains at about $90,099 or higher at $96,464. On the other hand, the bears will look to pounce on pullbacks at about $78,761 or lower at $72,595.