On Friday, the Bitcoin price pulled back off the session highs of about $68,804 to trade at about $66,938 after the latest U.S. data. The BTC/USD is about to complete a double-top reversal pattern formation in the 60-minute chart.
Bitcoin has now dropped to trade slightly below the 100-hour moving average line. As a result, the price of the pioneer cryptocurrency 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 U.S. durable goods orders for September outperformed the expectation of -1 with a change of -0.8%. The durable goods orders ex-transportation also beat the forecasted change of -0.1% with a change of 0.4%, while the nondefense capital goods orders outshone the estimate of 0.1 with a change of 0.5%.
On the other hand, the Michigan Consumer Sentiment Index for October exceeded the forecast of 69 with a reading of 70.5, up from 68.9 in September. The UoM 5-year consumer inflation expectation for the month was unchanged at 3% in line with estimates.
Earlier in the week, the U.S. initial jobless claims for the week ending October 18 fell to 227k, down from 242k, beating the forecasted claim count of 242k. The preliminary S&P Global Manufacturing PMI for October also outshone the estimate of 47.5 with a reading of 47.8, while the Services PMI beat 55 with 55.3.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price is about to complete a double-top reversal pattern formation in the 60-minute chart. The 14-hour RSI has also pulled back to move closer to the oversold conditions.
Therefore, the bears will look to stretch the current pullbacks toward $65,956 or lower to $65,053. On the other hand, the bulls will look to pounce on rebounds at about $67,901 or higher at $68,804.
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 has recently pulled back to avoid rallying into overbought conditions.
Therefore, the bears will look to extend the current pullback towards $63,784 or lower to $60,026. On the other hand, the bulls will look to pounce on profits at about $69,929 or higher at $72,877.