On Friday, the Bitcoin price extended Thursday’s pullback from the current week’s highs of about $79,567 to trade at about $78,044. The BTC/USD trades within an ascending channel formation in the 60-minute chart.
The price of the pioneer cryptocurrency continues to trade slightly above the 100-hour moving average line, despite the latest pullback. As a result, it still has plenty of 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 Michigan Consumer Expectations Index for April beat the expectation of 46.1, with a reading of 48.1, up from 46.1. The Michigan Consumer Sentiment Index for the period also outperformed the forecasted reading of 47.6, with a reading of 49.8, up from 47.6 in March.
On the other hand, the UoM 1-year consumer inflation expectation for the month fell short of the expected rate of 4.8%, with 4.7%, down from 4.8%, while the UoM 5-year consumer inflation expectation for the period beat 3.4%, with 3.5%, up from 3.4%.
Earlier in the week, the US initial jobless claims for last week increased to 214k, up from 208k in the preceding week, missing the forecasted claim count of 212k. On the other hand, the preliminary S&P Global Manufacturing PMI for April outperformed the expectation of 52.5, with a reading of 54, up from 52.3. The preliminary S&P Global Services PMI for the period also outshone the estimate of 50, with a reading of 51.3, up from 49.8 in March.
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 still has plenty of room left to run before reaching overbought conditions.
Therefore, the bulls will look to stretch the latest gains towards $79,567 or higher to $81,257. On the other hand, the bears will look to pounce on pullbacks at about $76,327 or lower at $74,496.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency trades within an ascending channel formation. The 14-day RSI also supports a long-term bullish bias as it edges closer to overbought conditions.
Therefore, the bulls will look to stretch the current rally towards $84,400 or higher to $89,899. On the other hand, the bears will look to pounce on pullbacks at about $71,308 or lower at $65,548.