On Friday, the Bitcoin price extended Thursday’s gains to trade at a new 10-week high of about $78,037 after the latest US data. The BTC/USD also completed an upward breakout from an ascending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency has now advanced to trade several levels above the 100-hour moving average line. As a result, Bitcoin is now in overbought conditions 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 Thursday, the US industrial production for March missed the expected (MoM) change of 0.1%, with a change of -0.5%.

On the other hand, the Philadelphia Fed Manufacturing Survey for April improved to 26.7, up from 18.1 in March, beating the forecasted reading of 10. The initial jobless claims for last week also came in better than expected, with 207k versus a forecast of 215k, down from the previous week’s equivalent of 218k.

Elsewhere, the NY Empire State Manufacturing Index for April improved to 11, up from -0.2 in March, beating the forecasted reading of -0.5.

Earlier in the week, the US producer price index for March missed the expected (MoM) change of 1.2%, with a change of 0.5%. The (YoY) equivalent also fell short of 4.6%, with a change of 4%. The consumer price index ex-food and energy for the period failed to match the forecasted (MoM) and (YoY) changes of 0.6% and 4.2%, respectively, with changes of 3.8% and 0.1%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price has recently completed an upward breakout from an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a short-term bullish bias after entering overbought conditions.

Therefore, the bulls will look to stretch the current rally towards $78,989 or higher to $80,001. On the other hand, the bears will look to pounce on pullbacks at about $77,057 or lower at $76,138.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency also moves within an ascending channel formation. The 14-day RSI supports a long-term bullish bias as it edges closer to overbought conditions.

Therefore, the bulls will look to stretch the current run of gains toward $80,890 or higher to $84,069. On the other hand, the bears will look to pounce on potential pullbacks at about $75,238 or lower at $72,059.