On Friday, the Bitcoin price pulled back from the session highs of about $71,369 to trade at about $69,755 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 a few levels below the 100-hour moving average line. However, it still has some 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 US market. On Thursday, the US initial jobless claims for last week came in better than expected, with 205 versus a forecast of 215k, down from the preceding week’s claim count of 213k. The Philadelphia Fed Manufacturing Survey for March also exceeded the forecast of 10, with 18.1, up from 16.3 in February. 

Earlier in the week, the Federal Reserve maintained a hawkish outlook with an unchanged Funds rate at 3.75%, as expected. The producer price index for February came in better than expected, with a (MoM) change of 0.7% versus a forecast of 0.3%. The (YoY) equivalent also outperformed the expected change of 2.9%, with a change of 3.4%. The producer price index ex-food and energy for the period outshone the forecasted (MoM) and (YoY) changes of 0.3% and 3.7%, respectively, with changes of 0.5% and 3.9%.

Elsewhere, factory orders for January matched the expected (MoM) change of 0.1%. The pending home sales for February exceeded the (MoM) forecast of -0.5%, with a change of 1.8%, while the industrial production for the month beat the estimate of 0.1%, with a change of 0.2%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the Bitcoin price trades within a descending channel formation in the 60-minute chart. However, the 14-hour RSI still has some room left to run before reaching oversold levels.

Therefore, the bears will look to stretch the latest pullbacks towards $68,087 or lower to $66,495. On the other hand, the bulls will look to pounce on profits at about $71,369 or higher at $72,861. 

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within a descending channel formation. However, the 14-day RSI has recently bounced back to recover from oversold conditions.

Therefore, the bulls will look to extend the latest rebound towards $78,926 or higher to $88,943. On the other hand, the bears will look to pounce on profits at about $60,341 or lower at $49,616.