Bitcoin Price Pulls Back to 100-Hour MA, Traders Eye Oversold Levels

The Bitcoin price has pulled back significantly over the past 24 hours, dropping below its 100-hour moving average and trading at around $76,709. This move comes as the cryptocurrency navigates a relatively busy period in the US market, with various economic indicators being released.

According to the data, the Michigan Consumer Expectations Index for May missed expectations, while the UoM 1-year consumer inflation expectation outperformed forecasts. However, the US building permits and housing starts for April exceeded estimates, suggesting a mixed economic picture.

From a technical perspective, the Bitcoin price is trading within a sideways channel formation in the 60-minute chart. The 14-hour RSI has recently pulled back to avoid entering overbought conditions, which may be seen as a bearish sign. However, if the bulls can capitalize on potential rebounds, they may look to push the price towards $78,022 or higher at $79,389.

On the daily chart, the Bitcoin price has recently completed a downward breakout from an ascending channel formation. The 14-day RSI also supports a bearish bias after pulling back to avoid entering overbought conditions. Therefore, the bears may be eyeing further declines towards $69,821 or lower at $62,753.