On Friday, the Bitcoin price pulled back from the session highs of about $68,082 to trade at about $66,238 after the latest data. The BTC/USD trades within a sideways channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency has now fallen to trade at the 100-hour moving average line. As a result, Bitcoin 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 US market. On Friday, the US producer price index for January exceeded the (MoM) expectation of 0.3%, with 0.5%. The (YoY) equivalent also outshone the estimate of 2.6%, with 2.9%. 

On the other hand, the consumer price index ex-food and energy for the month came in better than expected, with 0.8% (MoM) versus a forecast of 0.3%. The (YoY) equivalent also exceeded the expectation of 3%, with 3.6%. Elsewhere, the Chicago Purchasing Managers’ Index for February outperformed the expected reading of 52.8, with a reading of 57.7, up from the previous month’s equivalent of 54.

Earlier in the week, the US initial jobless claims for last week increased to 212k, up from 208k in the preceding week, beating the forecasted claim count of 215k. The housing price index for December missed the expected (MoM) change of 0.3%, with a change of 0.1%. The factory orders for the month also fell short of the forecasted (MoM) change of 1.1%, coming in at -0.7%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price trades within a sideways channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to recover from overbought conditions.

Therefore, the bears will look to stretch the latest pullback towards $64,017 or lower to $62,055. On the other hand, the bulls will look to pounce on rebounds at about $68,082 or higher at $70,022.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within a descending channel formation. However, the 14-day RSI has recently bounced back to recover from oversold conditions.

Therefore, the bulls will look to extend the latest rebound towards $73,054 or higher to $79,362. On the other hand, the bears will look to pounce on profits at about $59,467 or lower at $52,673.