On Friday, the bitcoin price extended Thursday’s pullback from $121,059 to trade at about $119,385 after the latest US data. The BTC/USD also completed a downward breakout from an ascending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency continues to trade a few levels above the 100-hour moving average line. Friday’s extended pullback helped it recover from the overbought 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 Wednesday, the ADP employment change for September missed the expectation of 50k with a change of -32k. The ISM Manufacturing PMI exceeded the forecast of 49 with a reading of 49.1, while the ISM Manufacturing Prices Paid fell short of 63.2 with a reading of 61.9. 

Earlier in the week, the housing price index for July missed the expected (MoM) change of 0.1%, with a change of -0.1%. The Chicago Purchasing Managers’ Index for September also fell short of 43, with a reading of 40.6, while JOLTS job openings for August exceeded the forecast of 7.2 million with a tally of 7.227 million. 

Looking forward, traders will be waiting for the U.S. jobs report data and the unemployment rate for September, ahead of the ISM Services PMI for the month later on Friday. Analysts expected an improvement in the nonfarm payrolls to 50k, up from 22k, and an unchanged unemployment rate of 4.3%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price has completed a downward breakout from an ascending channel formation in the 60-minute chart. The 14-hour RSI has also pulled back to recover from overbought conditions.

Therefore, the bears will look to extend the current pullback towards $117,462 or lower to $115,788. On the other hand, the bulls will look to pounce on profits at about $121,059 or higher at $122,810.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency is about to complete a double-bottom reversal pattern formation. The 14-day RSI also supports a bullish bias as it edges closer to overbought conditions.

Therefore, the bulls will look to extend the current rebound towards $124,435 or higher to $130,112. On the other hand, the bears will look to pounce on pullbacks at about $113,972 or lower at $108,572.