On Friday, the Bitcoin price pulled back from the session highs of about $65,423 to trade at about $63,683 after the latest data. BTC/USD trades within a slightly descending channel formation on the 60-minute chart.

The price of the pioneer cryptocurrency has now plummeted to trade below the 100-hour moving average line. As a result, it is on the verge of entering the oversold levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, BTC/USD trades during a relatively busy period in the US market. On Friday, the US employment cost index for Q2 outperformed the expected change of 0.8%, with a change of 0.9%. On Thursday, personal income for June missed the expected (MoM) change of 0.3%, with a change of 0.2%, while personal spending matched the forecast of 0.3%. 

The personal consumption expenditures price index for the month was also in line with the (MoM) and (YoY) forecasts of -0.1% and 3.7%, respectively. On the other hand, the initial jobless claims for last week increased to 1.97k, up from the preceding week’s claim count of 188k, beating the forecast of 200k.

Elsewhere, the preliminary US annualized gross domestic product for Q2 missed the expectation of 2.1%, with a change of 1.5%. The preliminary gross domestic product price index for the period outshone the estimate of 3.6%, with a change of 6.3%. 

The preliminary core personal expenditures prices for Q2 missed the (QoQ) forecast of 3.5%, with a change of 3.4%. Earlier in the week, the US Federal Reserve kept the Funds Rate unchanged at 3.75% as expected. 

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price trades within a slightly descending channel formation on the 60-minute chart. The 14-hour RSI has also pulled back to move closer to oversold conditions.

Therefore, the bears will look to stretch the latest pullback towards $62,091 or lower to $60,437. On the other hand, the bulls will look to pounce on rebounds at about $65,423 or higher at $66,964.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within an ascending channel formation. However, the 14-day RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will look to extend the current pullback towards $57,714 or lower to $52,411. On the other hand, the bulls will look to pounce on profits at about $68,613 or higher at $73,916.