The Bitcoin price on Friday pulled back off session highs of about $28,381 to trade at about $27,778 following the latest round of data. The BTC/USD continues to trade within a descending channel formation in the 60-min chart.

Bitcoin has now fallen to trade below the 100-hour moving average line. As a result, the price of the pioneer cryptocurrency has moved closer to the oversold levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the BTC/USD is trading at the back of a relatively busy period in the US market. On Friday, the US durable goods orders for February missed the expected change of 0.6% with a change of -1%.

Durable goods orders ex-defence also missed the forecasted change of 0% with a change of -0.5%, while the durable goods ex-transportation missed the forecasted change of 0.2% with a change of 0%. On the other hand, nondefense capital goods orders ex-aircraft outperformed the expectation of 0% with a change of 0.2%.

Earlier in the week, the US Federal Reserve raised the interest rates by 25 basis points to 5% in line with estimates. Analysts expect interest rates to fall to about 4.3% in a year’s time and to 3.2% in two years before stabilising at about 2.5% long-term. On Thursday, the initial jobless claims data for last week outshone the expected claim count of 201k with a tally of 191k.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price appears to be trading within a descending channel formation in the 60-min chart. This indicates a significant short-term bearish bias in the market sentiment.

Therefore, the bears will be targeting short-term profits at about $27,455 or lower at $27,143. On the other hand, the bulls will look to pounce on potential rebounds at about $28,057 or higher at $28,381.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency appears to be trading within a sharply ascending channel formation. This indicates a strong long-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to extend the current gains toward $28,886 or higher to $30,361. On the other hand, the bears will be targeting long-term profits at about $26,626 or lower at $25,151.