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Bullish view
Buy the BTC/USD pair and set a take-profit at 29,500. Add a stop-loss at 27,500. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 28,100 and a take-profit at 27,000. Add a stop-loss at 29,200.
Bitcoin price surged briefly to $30,000 as respected media outlets published some ETF fake news. The BTC/USD pair retreated to $28,585, still, its highest point on October 2nd. It has jumped by more than $3,000 from the lowest level in September ETF news
Bitcoin jumped after several media companies reported that the Securities and Exchange Commission (SEC) had approved the iShares Bitcoin Trust by Blackrock. The news trended in key social media networks like Twitter and StockTwits, pushing many traders to buy Bitcoin and other coins.
The news was fake and the SEC is still reviewing applications by other companies like Fidelity, Franklin Templeton, Invesco, and Ark. The report came a few days after the SEC said that it would not appeal its recent legal loss against Grayscale, which runs the biggest Bitcoin fund in the world.
Therefore, analysts believe that the SEC will ultimately approve at least one fund in the coming weeks or months. If this happens, it will lead to more inflows into Bitcoin from institutional investors.
Bitcoin also soared as investors reacted to the ongoing risk-off sentiment in the market. This view was characterized by a weaker US dollar and strong stocks. The dollar index retreated to $106 while the Dow Jones and Nasdaq 100 indices rose by more than 1%.
This rally happened even as the war between Israel and Hamas continued. It is unclear how the war will end with some experts expecting it to be a long and bloody fight. If this happens, it means that inflation could remain high for a while. Data published on Friday revealed that inflation expectations rose to the highest level in months in September/USD technical analysis
The BTC/USD pair has been in a strong bullish trend after bottoming at 26,500 last week. This rally saw it retest the crucial psychological level at 28,609, the highest level on October 2nd. It has also jumped above the 25-period and 50-period moving averages, meaning that buyers are still in control.
The relative Strength Index (RSI) has continued rising and moved to the overbought level. Therefore, the outlook for Bitcoin is bullish, with the next level to watch being at 29,500. The stop-loss of this trade is at the psychological point at 27,500.
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