Bitcoin Pulls Back from Session Highs Amidst Mixed US Economic Data

The price of Bitcoin has retreated from its session highs to trade around $63,957. This pullback comes after the latest data release, which saw the cryptocurrency trading within a descending channel formation on the 60-minute chart.

In the technical analysis, the 14-hour RSI has pulled back to move closer to oversold conditions, supporting a bearish bias. As a result, bears will look to extend the current pullback towards $62,144 or lower to $60,305.

From a fundamental perspective, the US market is experiencing a relatively busy period. The preliminary S&P Global Manufacturing PMI for July missed expectations at 53.8, down from 53.9 in June. However, the preliminary S&P Global Services PMI rose to 53.6, beating the forecasted reading of 51.