On Friday, the Bitcoin price pulled back from the session highs of about $73,882 to trade at about $73,123 after the latest data. The BTC/USD trades within a slightly ascending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency continues to trade several 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 Friday, the Chicago Purchasing Managers’ Index for May improved to 62.7, up from the previous month’s equivalent of 49.2, beating the forecasted reading of 50.5.

On Thursday, the personal consumption expenditures price index for April missed the expected (MoM) change of 0.3%, with a change of 0.2%. The (YoY) equivalent matched the forecasted change of 3.8%. Core personal consumption expenditures price index for the month fell short of the (MoM) forecast of 0.3%, with a change of 0.2%. The (YoY) equivalent was in line with the estimate of 3.3%.

Elsewhere, durable goods orders for May outperformed the expected change of 3.5%, with a change of 7.9%. The durable goods orders ex-transportation for the period also exceeded the forecasted change of 0.5%, with a change of 1.1%, while nondefense capital goods orders ex-aircraft fell short of 0.4%, with a change of -1.1%.

The US initial jobless claims for last week also failed to match the forecasted claim count of 211k, with a significantly higher tally of 215k, up from the preceding week’s equivalent of 210k.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the bitcoin price trades within an ascending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to move closer to oversold conditions.

Therefore, the bears will look to stretch the latest pullback towards $72,197 or lower to $71,355. On the other hand, the bulls will look to pounce on profits at about $73,882 or higher at $74,654.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the pioneer cryptocurrency trades within a descending channel formation. The 14-day RSI also supports a bearish bias as it moves closer to oversold conditions.

Therefore, the bears will look to extend the current run of declines toward $68,392 or lower to $63,410. On the other hand, the bulls will look to pounce on rebounds at about $78,022 or higher at $82,507.