Bitcoin Pulls Back as Mixed US Data Sways Market

The price of Bitcoin pulled back from its session highs on Friday to trade around $83,799 after US data was released. This comes as the pioneer cryptocurrency trades within a descending channel formation on the 60-minute chart.

From a fundamental perspective, the latest US data showed mixed results. Durable goods orders for August outperformed expectations with no change from -0.4%, but durable goods orders ex-transportation fell short of forecasts at 0.3%. The Michigan Consumer Sentiment Index for September came in stronger than expected at 48.1.

The price of Bitcoin has now fallen to trade a few levels below the 100-hour moving average line, but still has room to run before reaching oversold levels on the 14-hour RSI.