On Thursday, the Bitcoin price bounced from the key support at about $82,000 to trade at about $84,410 after the latest U.S. data. The BTC/USD trades within an ascending channel formation in the 60-minute chart.
On Friday, extended the gains to trade a few levels above the 100-hour moving average line. As a result, the price of the pioneer cryptocurrency is on the verge of entering the overbought 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 U.S. market. On Friday, the preliminary Michigan Consumer Sentiment Index for March missed the expectation of 63.1 with a reading of 57.9, down from the preceding month’s equivalent of 64.7. The preliminary UoM 5-year consumer inflation expectations for the month edged higher to 3.9%, up from 3.5% in February.
On Thursday, the initial jobless claims for the week ending March 7 came in lower than expected with 220k versus a forecast of 225k, down from the preceding week’s equivalent of 222k. The producer price index for February missed the forecasted (MoM) and (YoY) changes of 0.3% and 3.3%, respectively, with 0% and 3.2%. On the other hand, producer price index ex-food and energy fell short of 0.3% (MoM) and 3.5% (YoY), with -0.1% and 3.4%, respectively.
Earlier in the week, the consumer price index for February also failed to match the forecasts of 0.3% (MoM) and 2.9% (YoY), posting actual figures of 0.2% and 2.8%, respectively. The consumer price index ex-food and energy missed the expected (MoM) and (YoY) changes of 0.3% and 3.2%, respectively, with 0.2% and 3.1%.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a bullish bias as it edges closer to the overbought conditions.
Therefore, the bulls will look to stretch the current run of gains toward $86,818 or higher to $89,224. On the other hand, the bears will look to pounce on pullbacks at about $82,006 or lower at $79,751.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into the oversold conditions.
Therefore, the bulls will look to extend the current rebound towards $93,518 or higher to $101,450. On the other hand, the bears will look to pounce on profits at about $76,549 or lower at $67,778.