The Bitcoin price on Friday pulled back off the session highs of about $68,790 to trade at about $67,953 after the latest round of data. The BTC/USD appears to be trading within an ascending channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency has now dropped to trade below the 100-hour moving average line. As a result, Bitcoin appears to be moving closer to the oversold levels of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the BTC/USD is trading at the back of a relatively busy period in the US market. On Thursday, the US initial jobless claims for the week ending May 24 missed the expectation of 218k with a slightly higher tally of 219k. On the other hand, the continuing claims for the preceding week outshone the estimate of 1.8 million with a slightly lower tally of 1.791 million.
Elsewhere, pending home sales for April missed the expected change of -0.6% with a change of -7.7% (MoM), while the preliminary core personal consumption expenditures for Q1 fell short of 3.7% with a change of 3.6% (QoQ). The preliminary annualised US gross domestic product for the quarter matched the estimate of 1.3%, while the gross domestic product price index for the period was in line with 3.1%.
Looking forward, traders will be waiting for the US core personal consumption expenditures price index data late on Friday alongside personal income and spending data for the month. Earlier in the week, the US housing price index for March fell short of expectations, while the S&P/Case-Shiller Home Price Indices came in better than expected.
Bitcoin Price Technical Analysis – the 60-min Chart
Technically, the Bitcoin price 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 $67,134 or lower at $66,321. On the other hand, the bulls will look to pounce on rebounds at about $68,790 or higher at $69,572.
Bitcoin Price Technical Analysis – the Daily Chart
In the daily chart, the BTC/USD appears to be trading within an ascending channel formation. The 14-day RSI also seems to support a long-term bullish bias as it continues to oscillate closer to overbought conditions.
Therefore, the bulls will be targeting long-term gains at about $71,423 or higher at $74,715. On the other hand, the bears will look to pounce on pullbacks at about $65,064 or lower at $61,530.