On Friday, the bitcoin price pulled back from the session highs of about $96,695 to trade at about $94,374. In the 60-minute chart, the BTC/USD trades within a descending channel formation.
Bitcoin has now fallen to trade a few levels below the 100-hour moving average line. As a result, the BTC/USD is on the verge of entering the oversold 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 Friday, the US preliminary wholesale inventories for November beat the expected change of 0.2% with a change of -0.2%. The preliminary goods trade balance for the period fell short of the forecasted balance of $-100.9 billion with a balance of $-102.9 billion.
On Thursday, the US initial jobless claims for the week ending December 20 fell to 219k, down from 224k in the preceding week, beating the forecasted claim count of 220k.
Earlier in the week, The Richmond Fed Manufacturing Index for December improved to -10, up from -14 in the preceding month, missing the forecasted index of -9. The new home sales for November exceeded expectations of 0.65 million with a tally of 0.664 million.
On the other hand, the durable goods orders for November missed -0.4% with a change of -1.1%, while the durable goods orders ex-transportation fell short of 0.3% with a change of -0.1%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD trades within a descending channel formation in the 60-minute chart. The 14-hour RSI also supports a short-term bearish bias as it edges closer to oversold conditions.
Therefore, the bears will look to extend the current pullback towards $92,179 or lower to $89,599. On the other hand, the bulls will look to pounce on rebounds at about $96,695 or higher at $99,017.
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 avoid rallying into overbought conditions.
Therefore, the bears will be targeting extended pullbacks at about $87,568 or lower at $79,843. On the other hand, the bulls will look to ride the current run of gains toward $101,301 or higher to $108,597.