The bitcoin price on Friday pulled back from key resistance at about $44,350 to trade at about $43,755 after the latest round of data. The BTC/USD appears to be trading within a sideways channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency continues to trade slightly above the 100-hour moving average line despite Friday’s pullback. As a result, bitcoin seems to have more 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 is trading at the back of a relatively busy period in the US market. On Friday, the core personal consumption expenditures price index for November missed the expected (YoY) change of 3.3% with a change of 3.2%. The (MoM) equivalent also fell short of 0.2% with a change of 0.1%.

On the other hand, the general personal consumption expenditures price index for the period missed both the (MoM) and (YoY) expectations of 0% and 2.8%, respectively with changes of -0.1% and 2.6%. Personal spending for the period also missed the forecasted change of 0.3% with a change of 0.2%.

Elsewhere, durable goods orders for November beat the expected change of 2.2% with a change of 5.4%. The durable goods orders ex-transportation also outshone the forecast of 0.1% with 0.5%, while durable goods orders ex-defence beat 2.2% with a change of 6.5%.

On the other hand, the nondefense capital goods orders ex-aircraft outshone the estimate of 0.2% with a change of 0.8%, while personal income was in line with the estimate of 0.4%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the price of the pioneer cryptocurrency appears to be trading within a sideways channel formation in the 60-minute chart. The 14-hour RSI also seems to support a sideways motion as it remains central.

Therefore, the bulls will be looking to trigger an upward breakout at about $44,354 or higher at $44,842. On the other hand, the bears will be targeting downward profits at about $43,225 or lower at $42,707.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD appears to be trading within an ascending channel formation. The 14-day RSI also seems to support a long-term bullish bias as it trades closer to overbought conditions.

Therefore, the bulls will be looking to extend the current rally towards $46,248 or higher to $48,806. On the other hand, the bears will look to pounce for profits at about $41,382 or lower at $38,616.