On Friday, the Bitcoin price pulled back from the session highs of about $113,404 to trade at about $111,299 after the latest U.S. 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 has now fallen to trade at the 100-hour moving average line. However, it still has room left to run before reaching the oversold 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 Friday, the U.S. net job change for August came in lower than expected, with 22k versus a forecast of 75k, down from the previous month’s equivalent of 79k.

The average hourly wage growth for the period matched the forecasted (MoM) and (YoY) changes of 0.3% and 3.7%, respectively. The unemployment rate for the month was also in line with the forecast of 4.3%, up from 4.2% in July. 

Earlier in the week, the initial jobless claims for the week ending August 29 missed the expected claim count of 230k, with a significantly higher tally of 237k, up from the preceding week’s claim count of 229k. The S&P Global Composite PMI for August exceeded the forecast of 55.1 with a reading of 55.8.

U.S. nonfarm productivity for Q2 also beat the estimate of 2.4% with a change of 3.3%, while the unit labour costs for the quarter fell short of 1.6% with a change of 1%.

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. However, the 14-hour RSI still has room left to run before reaching oversold conditions.

Therefore, the bears will look to stretch the current pullback toward $109,222 or lower to $107,240. On the other hand, the bulls will look to pounce on profits at about $113,404 or higher at $115,611.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the Bitcoin price trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will look to extend the current rebound towards $117,469 or higher to $124,508. On the other hand, the bears will look to pounce on profits at about $104,169 or lower at $98,280.