On Friday, the Bitcoin price pulled back from the session highs of about $87,229 to trade at about $84,230 after the latest US data. BTC/USD trades within an ascending channel formation on the 60-minute chart.
Friday’s pullback pushed the price of the pioneer cryptocurrency towards the 100-hour moving average line. However, it still has some room left to run before falling into 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, US nonfarm payrolls for September came in lower than expected, at 29k versus a forecast of 90k, down from August’s revised figure of 133k. On the other hand, the unemployment rate for the month edged higher to 4.2%, up from the previous month’s equivalent of 4.0%, missing the forecast rate of 4.1%.
The average hourly wage growth for the period also fell short of the forecast (MoM) and (YoY) changes of 0.3% and 3.3%, respectively, with changes of 0.1% and 3%. On the other hand, factory orders for August matched the expected (MoM) change of 0.1%.
On Thursday, the US initial jobless claims for last week came in better than expected, at 197k versus a forecast of 200k, down from the preceding week’s 198k. On the other hand, the ISM Manufacturing PMI for September missed the expected reading of 55, with a reading of 54.5, down from 54.6 in August.
The ISM Manufacturing Prices Paid for the period outshone the estimate of 72.3, with a reading of 77.9, up from the previous month’s equivalent of 71.1. Elsewhere, the Chicago Purchasing Managers’ Index for September outshone the forecast of 51.2, with a reading of 58.8, up from 47.1 in August.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within an ascending channel formation on the 60-minute chart. However, the 14-hour RSI has recently pulled back to recover from oversold conditions.
Therefore, the bears will look to stretch the current pullback towards $82,720 or lower, to $81,142. On the other hand, the bulls will look to pounce on rebounds at about $85,764 or higher, at $87,229.
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 recover from overbought conditions.
Therefore, the bears will look to stretch the current pullbacks toward $78,163 or lower, to $71,339. On the other hand, the bulls will look to pounce on profits at about $90,272 or higher, up to $97,313.