The Bitcoin price on Friday pulled back off the session highs of about $52,000 to trade at about $50,984 after the latest US data. The BTC/USD continues to trade within a descending channel formation in the 60-minute chart.

Bitcoin has now fallen to trade a few levels below the 100-hour moving average line. As a result, the pioneer cryptocurrency seems to be moving closer to 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 Thursday, the US initial jobless claims for the week ending February 16 beat the expected claim count of 218k with a significantly lower tally of 201k. The continuing claims for the preceding week also outshone the forecast of 1.885 million with 1.862 million.

On the other hand, existing home sales for January came in at 4 million ahead of the forecasted tally of 3.97 million, while existing home sales change stood at 3.1% compared to a decline of 0.8% in the previous period.

Elsewhere, the preliminary US S&P Global Manufacturing PMI for February outperformed the expected reading of 50.5 with a reading of 51.5. The preliminary S&P Global Services PMI missed the estimate of 52 with 51.5, while the composite PMI for the period fell to 51.4 down from 52 in the preceding period. The Redbook index for the week ending February 16 improved to 3% up from 2.5% in the previous update.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price appears to be trading within a descending channel formation in the 60-minute chart. The 14-hour RSI also seems to support a bearish bias as it moves closer to oversold conditions.

Therefore, the bears will be targeting extended declines at about $50,176 or lower at $41,418. On the other hand, the bulls will look to pounce on rebounds at about $51,692 or higher at $52,374.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the BTC/USD appears to be trading within an ascending channel formation. However, the 14-day RSI has recently pulled back after entering overbought conditions.

Therefore, the bears will be targeting extended pullbacks at about $46,810 or lower at $42,402. On the other hand, the bulls will look to pounce on profits at about $55,626 or higher at $60,034.