The Bitcoin price on Friday pulled back off the session highs of about $71,266 to trade at about $70,775 after the latest round of data. The BTC/USD continues to trade within an ascending channel formation in the 60-minute chart.

Bitcoin has now advanced to trade a few levels above the 100-hour moving average line. However, Friday’s early pullback prevented the pioneer cryptocurrency from advancing into the overbought levels of the 14-hour RSI.

Bitcoin Price Fundamentals Overview

From a fundamental perspective, the Bitcoin price is trading at the back of a relatively busy period in the US market. On Thursday, the producer price index for March missed the expected (MoM) change of 0.3% with a change of 0.2%. The (YoY) equivalent also fell short of the forecasted change of 2.2% with a change of 2.1%.

On the other hand, the producer price index ex-food and energy exceeded the expected (YoY) change of 2.3% with a change of 2.4%, while the (MoM) equivalent was in line with the estimate of 0.2%. The initial jobless claims for the week ending April 5 also beat the forecasted claim count of 215k with a tally of 211k.

Earlier in the week, the US consumer price index for March outperformed the expected (MoM) change of 0.3% with a change of 0.4%. The (YoY) equivalent also beat the estimated change of 3.4% with a change of 3.5%.

On the other hand, the consumer price index ex-food and energy outshone both the (MoM) and (YoY) expectations of 0.3% and 3.7%, respectively with changes of 0.4% and 3.8%. The bitcoin price trades just days ahead of the upcoming halving event, which continues to fuel demand.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD appears to be trading within an ascending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will be targeting extended pullbacks at about $70,297 or lower at $69,789. On the other hand, the bulls will look to ride the current rally towards $71,266 or higher to $71,798.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the yellow metal appears to be about to complete a double-bottom reversal pattern formation. The 14-day RSI also continues to support a bullish bias as it moves closer to overbought conditions.

Therefore, the bulls will be targeting long-term profits at about $73,655 or higher at $76,746. On the other hand, the bears will look to pounce on pullbacks at about $67,234 or lower at $63,905.