The bitcoin price on Friday extended sideways movement around the $26,650 level following the latest round of US data. The BTC/USD appears to be trading within a gently ascending channel formation in the 60-min chart.
Bitcoin remains a few levels below the 100-hour moving average line after Thursday’s pullback. The pioneer cryptocurrency has since recovered slightly to return to the normal trading zone of the 14-hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, the price of the BTC/USD is trading at the back of a relatively busy period in the US market. On Friday, the preliminary US S&P Global Manufacturing PMI for September beat the expected reading of 48 with a reading of 48.9. The preliminary S&P Global Services PMI for the period missed the estimated reading of 50.6 with a reading of 50.2, while the composite PMI edged lower to 50.1 down from 50.2 in the previous update.
On Thursday, the initial jobless claims for the week ending September 15 outperformed the expected claim count of 225k with a tally of 201k. The Philadelphia Fed Manufacturing Survey for September missed the expected reading of -0.7 with a reading of -13.5. Earlier in the week, the Federal Reserve decided to keep the base interest rate unchanged at 5.5% in line with expectations.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the Bitcoin price appears to be trading within a gently ascending channel formation in the 60-minute chart. The hourly MACD appears to support a bullish case after completing an upward crossover.
Therefore, the bulls will be targeting short-term profits at about $26,883 or higher at $27,095. On the other hand, the bears will look to pounce on profits at about $26,414 or lower at $26,190.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the bitcoin price appears to be trading within an ascending channel formation. The daily MACD also seems to support a bullish bias after completing an upward crossover in late August.
Therefore, the bulls will be targeting long-term profits at about $27,645 or higher at $28,577. On the other hand, the bears will look to pounce on pullbacks at about $25,696 or lower at $24,805.