On Friday, the Bitcoin price pulled back from the session highs ogf about $119,368 to trade at about $116,941 after U.S. data. The BTC/USD trades within a descending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency has now fallen to trade slightly below the 100-hour moving average line. As a result, it 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 NY Empire State Manufacturing Index for August outperformed the expectation of 0 with a reading of 11.9. The U.S. retail sales for July matched the forecast of 0.5% (MoM).

The retail sales ex-autos were also in line with 0.3% (MoM). On the other hand, the preliminary Muchigan Consumer Sentiment Index for August missed 62 with a reading of 58.6, while he preliminary Michigan Consumer Expectations Index for the period beat 56.4 with a reading of 57.2. 

Earlier in the week, the U.S. producer price index for July came in better than expected with a (MoM) change of 0.9% versus a forecast of 0.2%. The (YoY) equivalent also beat the estimate of 2.5% with a change of 3.3%.

On the other hand, the producer price index ex-food and energy for the month outshone the forecasted (MoM) and (YoY) changes of 0.2% and 2.9%, respectively, with changes of 0.9% and 3.7%. The initial jobless claims for the week ending August 8 also came in better than expected, with a claim count of 224k versus a forecast of 228k.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price trades within a descending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias as it edges closer to oversold conditions.

Therefore, the bears will look to extend the current pullback towards $114,488 or lower to $112,102. On the other hand, the bulls will look to pounce on rebounds at about $119,368 or higher at $121,806.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the Bitcoin price 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 look to extend the current downward momentum towards $108,764 or lower to $101,165. On the other hand, the bulls will look to pounce on profits at about $124,959, or higher at $133,536.