On Friday, the Bitcoin price extended Thursday’s pullback from the current week’s high of $84,815 to trade at about $81,640. BTC/USD trades within a sideways channel formation on the 60-minute chart.
The price of the pioneer cryptocurrency continues to trade slightly below the 100-hour moving average line, despite making a slight rebound. The latest rebound prevented it from 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, the preliminary S&P Global Manufacturing PMI for October rose to 56, up from 55.9, beating the forecast reading of 55.6. The preliminary S&P Global Services PMI for the period matched the forecast reading of 57.9, down from the preceding month’s equivalent of 58.8.
On the other hand, the Michigan Consumer Sentiment Index for October rose to 48, up from 46.3, beating the forecast of 46.3. The Michigan Consumer Expectations Index for the period also rose to 48.8, up from the preceding month’s equivalent of 47.3. Elsewhere, the UoM 1-year and 5-year consumer inflation expectations for October matched the forecasts of 4.7% and 3.5%, respectively, unchanged from the previous update.
Earlier in the week, the US building permits for September came in better than expected, at 1.4 million versus a forecast of 1.39 million, down from the previous month’s equivalent of 1.403 million. On the other hand, housing starts for the month fell short of the forecast tally of 1.3 million, with a tally of 1.221 million, down from the previous month’s 1.288 million. Elsewhere, pending home sales for September missed the forecast (MoM) change of -0.5%, with a change of -7.3%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within a sideways channel formation on the 60-minute chart. However, the 14-hour RSI has recently bounced back to avoid falling into oversold conditions.
Therefore, the bulls will look to extend the current rebound towards $83,148 or higher, up to $84,815. On the other hand, the bears will look to pounce on profits at about $80,129 or lower, down to $78,372.
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 pounce on extended pullbacks at about $75,902 or lower, down to $69,619. On the other hand, the bulls will look to ride the current run of gains toward $87,486 or higher, up to $93,377.