On Friday, the Bitcoin price pulled back from the session highs of about $85,209 to trade at about $83,799 after the latest US data. BTC/USD trades within a descending channel formation on 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, BTC/USD trades during a relatively busy period in the US market. On Friday, the US durable goods orders for August outperformed the expected change of -0.4%, with a change of 0%. On the other hand, the durable goods orders ex-transportation fell short of the forecast change of 0.6%, with a change of 0.3%, while the nondefense capital goods orders ex-aircraft outshone the estimate of 0.5%, with a change of 1.6%.
The Michigan Consumer Sentiment Index for September came in stronger than expected, at 48.1 versus a forecast of 47.6, up from the previous month’s equivalent of 47.8. On the other hand, the UoM 1-year consumer inflation expectation for the month matched the forecast of 4.6%, unchanged from August. The UoM 5-year consumer inflation expectation for the period also remained unchanged at 3.4%, as expected.
Earlier in the week, the US initial jobless claims for last week improved slightly to 197k, down from 198k in the preceding week, beating the forecast claim count of 201k. Elsewhere, the preliminary S&P Global Manufacturing PMI for September beat the forecast of 53.5, with a reading of 57, while the preliminary S&P Global Services PMI outshone 56, with a reading of 58.7.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, BTC/USD trades within a descending channel formation on the 60-minute chart. The 14-hour RSI has also recently pulled back to move closer to oversold conditions.
Therefore, the bears will look to extend the current pullback towards $82,368 or lower, to $80,789. On the other hand, the bulls will look to pounce on rebounds at about $85,209 or higher, up to $86,679.
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 latest pullback towards $79,391 or lower, to $75,373. On the other hand, the bulls will look to pounce on profits at about $87,714 or higher, at $91,445.