Bitcoin Bounces Off Session Lows to Trade at About $97,304
By: fx daily report|2025/05/02 18:45:01
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On Friday, the Bitcoin price bounced from the session lows of about $96,290 to trade at about $97,304 after the U.S. NFPs. The BTC/USD trades within an ascending channel formation in the 60-minute chart. Bitcoin has now ascended to trade several 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 U.S. jobs data for April exceeded the expectation of 130k with a tally of 177k, down from the previous month’s equivalent of 185k. The average hourly wage growth for the period missed the forecasted (MoM) and (YoY) changes of 0.3% and 3.9%, respectively with changes of 0.2% and 3.8%, while the unemployment rate for the period was unchanged from March at 4.2%, in line with expectations. Elsewhere, factory orders for March fell short of the forecasted (MoM) change of 4.5% with a change of 4.3%. Earlier in the week, the ISM Manufacturing PMI for March beat the expected reading of 48 with 48.7, while the ISM Manufacturing Prices Paid for the period missed 70.3 with 69.8. The initial jobless claims for the week ending April 25 came in significantly higher than expected with 241k versus a forecast of 224k, up from the preceding week’s claim count of 223k. The personal income for March beat the expected (MoM) change of 0.4% with a change of 0.5%, while the personal spending for the period outshone 0.6% with a change of 0.7%. Bitcoin Price Technical Analysis (the 60-min Chart) Technically, the BTC/USD 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 overbought conditions. Therefore, the bulls will look to stretch the current gains toward $98,410 or higher to $99,547. On the other hand, the bears will look to pounce on pullbacks at about $96,290 or lower at $95,153. Bitcoin Price Technical Analysis (the Daily Chart) In the daily chart, the price of the pioneer cryptocurrency is about to complete a double-bottom reversal pattern formation. The 14-day RSI is also on the verge of entering overbought conditions. Therefore, the bulls will look to ride the current gains toward $102,053 or higher to $107,245. On the other hand, the bears will look to pounce on profits at about $92,564 or lower at $87,192.
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