On Friday, the Bitcoin price traded sideways around $92,350, falling to build on Thursday’s strong rebound. The BTC/USD recently completed an upward breakout from a descending channel formation in the 60-minute chart.

The price of the pioneer cryptocurrency continues to trade slightly above the 100-hour moving average line. However, the latest pullback prevented it from 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 Thursday, the U.S. goods and services trade balance for September outperformed the expectation of $-63.3 billion, with a balance of $-52.8 billion, up from the previous month’s equivalent of $-59.3 billion. 

On the other hand, the initial jobless claims for last week increased to 236k, up from the preceding week’s equivalent of 192k, missing the forecasted claim count of 220k. The continuing claims for the four weeks ending last week came in better than expected, with 1.838 million versus a forecast of 1.95 million, down from the preceding period’s equivalent of 1.937 million.

Earlier in the week, the Federal Reserve lowered the base interest rate by 25 basis points to 3.75%, down from 4%, as expected. Forecasts for one year, two years, and three years remained unchanged at 3.4%, 3.1% and 3.1%, respectively. The projection for the current year also remained pinned at 3.6%, while the long-term projection is still 3%.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD has recently completed an upward breakout from a descending 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 look to stretch the current pullback towards $90,688 or lower to $89,238. On the other hand, the bulls will look to pounce on extended rebounds at about $93,876 or higher at $95,218.

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 oversold conditions.

Therefore, the bulls will look to stretch the current rebound towards $97,911 or higher to $103,400. On the other hand, the bears will look to pounce on profits at about $85,953 or lower at $80,268.