On Friday, the Bitcoin price pulled back from the session highs of about $90,773 to trade at about $87,232 after U.S. jobs data. The BTC/USD trades within a gently descending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency has now fallen to trade below the 100-hour moving average line. As a result, the BTC/USD moved closer to 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. nonfarm payrolls for February missed the expectation of 160k with tally of 151k, up from the preceding month’s equivalent of 125k.

The unemployment rate for the period increased slightly to 4.1% from 4% in January, missing the forecast of 4%. On the other hand, the average hourly wage growth for the month fell short of the forecasted (YoY) change of 4.1% with a change of 4%, while the (MoM) equivalent was in line with the estimate of 0.3%. 

Earlier in the week, the U.S. initial jobless claims for the week ending February 28 fell to 221k, down from 242k in the preceding week, beating the forecasted claim count of 235k. Nonfarm productivity for Q4 exceeded the expectation of 1.2% with a change of 1.5%, while unit labour costs for the quarter missed 3% with a change of 2.2%.

The ADP employment change for February also failed to match the expectation of 140k with 77k, down from 186k in January, while the ISM Services PMI for the month beat the estimate of 52.6 with a reading of 53.5.

Bitcoin Price Technical Analysis (the 60-min Chart)

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

Therefore, the bears will look to stretch the current downward movement towards $84,398 or lower to $81,456. On the other hand, the bulls will look to pounce on rebounds at about $90,723 or higher at $93,518.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the Bitcoin price trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into the oversold conditions.

Therefore, the bulls will look to extend the current rebound towards $96,205 or higher to $106,414. On the other hand, the bears will look to pounce on profits at about $77,761 or lower at $67,551.