Bitcoin Bounces Off Session Lows Amid US Economic Data
On Friday, Bitcoin rebounded from its session lows of around $62,401 to trade at approximately $63,078 after the latest data release.
The price of BTC/USD remains within a descending channel formation on the 60-minute chart, despite the recent bounce back. The cryptocurrency's price continues to oscillate below the 100-hour moving average line.
Friday's rebound prevented Bitcoin from falling into oversold levels on the 14-hour RSI. However, the bulls will look to extend the latest rebound towards $63,843 or higher to $64,591, while bears may pounce on profits at about $62,401 or lower at $61,653.
From a fundamental perspective, BTC/USD trades during a relatively busy period in the US market. The preliminary Michigan Consumer Sentiment Index for August missed expectations with a reading of 51, down from the previous month's equivalent of 55.2.