On Friday, the Bitcoin price pulled back from the session highs of about $111,516 after recording new all-time highs of $112,000 on Thursday. The BTC/USD also completed a downward breakout from a sideways channel formation in the 60-minute chart.

However, Bitcoin continues to trade slightly above the 100-hour moving average line. The latest pullback prevented the price of the pioneer cryptocurrency from advancing into the overbought levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, Bitcoin trades during a relatively busy period in the U.S. Late on Thursday, President Trump announced the U.S. will introduce 50% tariffs on goods from the EU beginning June 1. This triggered the latest pullback in the BTC/USD price. 

In the latest round of U.S. economic data, the New Homes Sales data for April came in better than expected with 0.743 million (MoM), beating the forecast of 0.692 million, up from the previous month’s equivalent of 0.37 million. The new home sales change also improved to 10.9% (MoM), up from 2.6% in March.

On Thursday, the initial jobless claims for the week ending May 16 came in better than expected with 227k versus a forecast of 230k, down from the previous week’s claim count of 229k. The preliminary S&P Global Manufacturing PMI for May also beat the expectation of 50.2 with a reading of 52.3, up from 50.1, while the preliminary S&P Global Services PMI for the period outshone the estimate of 50.8 with 52.3, up from 50.8 in April.

Elsewhere, the existing home sales for April fell to 4 million, down from 4.02 million in March, missing the forecast of 4.1 million.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD has completed a downward breakout from a sideways channel formation in the 60-minute chart. However, the 14-hour RSI still has room left to run before reaching oversold conditions.

Therefore, the bears will look to stretch the current pullbacks toward $106,850 or lower to $104,533. On the other hand, the bulls will look to pounce on rebounds at about $111,516 or higher at $113,988.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD trades within an ascending channel formation. The 14-day RSI also supports a strong long-term bullish bias after entering overbought conditions.

Therefore, the bulls will look to ride the current rally towards $117,699 or higher to $126,658. On the other hand, the bears will look to pounce on pullbacks at about $100,649 or lower at $93,073.