On Friday, the Bitcoin price pulled back from the session highs of about $105,486 to trade at about $104,432 after U.S. nonfarm payrolls. The BTC/USD also completed a downward breakout from an ascending channel formation in the 60-minute chart.

Bitcoin has now fallen to trade slightly below the 100-hour moving average line. Friday’s late pullback prevented the price of the pioneer cryptocurrency from entering the overbought 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 May fell to 139k, down from 147k in April, beating the forecasted net employment change of 130k.

On the other hand, the average hourly wage growth for the month exceeded the (MoM) forecast of 0.3% with a change of 0.4%, while the (YoY) equivalent outshone the estimate of 3.7% with a change of 3.9%. The unemployment rate for the period was unchanged at 4.2% in line with estimates, while the participation rate fell slightly to 62.4%, down from 62.6%.

Earlier in the week, the U.S. ISM Services PMI for May came in worse than expected with 49.9 versus a forecast of 52. The ISM Services Employment Index also missed 52.3 with a reading of 50.7. The initial jobless claims for the week ending May 30 came in worse than expected with 247k versus a forecast of 235k, up from the preceding week’s equivalent of 239k.

The nonfarm productivity for Q1 also missed the estimated change of -0.7% with a change of -1.5%, while unit labour costs for the quarter exceeded the forecast of 5.7% with a change of 6.6%.

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 avoid rallying into overbought conditions.

Therefore, the bears will look to extend the current pullback towards $103,342 or lower to $102,161. On the other hand, the bulls will look to pounce on profits at about $105,486 or higher at $106,674.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD has completed a downward breakout from an ascending channel formation. The 14-day RSI also supports a bearish bias as it moves closer to oversold conditions.

Therefore, the bears will look to ride the current pullbacks toward $97,330 or lower to $90,567. On the other hand, the bulls will look to pounce on rebounds at about $111,485 or higher at $119,563.