On Friday, the Bitcoin price pulled back from the session highs of about $67,959 to trade at about $67,606 after the latest data. The BTC/USD trades within a descending 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. Friday’s pullback prevented Bitcoin from entering the overbought 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 US market. On Friday, the core personal consumption expenditures price index for December exceeded the (MoM) forecast of 0.3%, with 0.4%. The (YoY) equivalent also beat the estimate of 2.9%, with 3%.
On the other hand, the personal consumption expenditures price index for the period beat the forecasted (MoM) and (YoY) changes of 0.3% and 2.8%, respectively, with 0.4% and 2.9%. The preliminary annualized gross domestic product for Q4 fell short of the expected change of 3%, with a change of 1.4%, while personal income and personal spending for December were in line with the estimates of 0.3% and 0.4%, respectively.
Elsewhere, the preliminary S&P Global Manufacturing PMI for February missed the expectation of 52.6, with a reading of 51.2, down from 52.4 in January. The preliminary S&P Global Services PMI for the period also fell short of 53, with 52.3, down from 52.7.
On the other hand, the Michigan Consumer Sentiment Index for February missed the expectation of 57.3, with a reading of 56.6, down from 57.3. The UoM 1-year Consumer Inflation Expectation for the period also fell short of 3.5%, with 3.4%, while the 5-year equivalent missed 3.4%, with 3.3%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the BTC/USD trades within a descending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to avoid entering overbought conditions.
Therefore, the bears will look to extend the latest pullback towards $65,261 or lower to $62,726. On the other hand, the bulls will look to pounce on rebounds at about $69,978 or higher at $72,179.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency has recently completed a head-and-shoulders reversal pattern formation. However, the 14-day RSI bounced back to recover from oversold conditions.
Therefore, the bulls will look to stretch the latest rebound towards $75,198 or higher to $82,351. On the other hand, the bears will look to pounce on profits at about $59,987 or lower at $52,288.