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Bullish view
Buy the BTC/USD pair and set a take-profit at 36,000. Add a stop-loss at 34,000. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 31,000 and a take-profit at 30,000. Add a stop-loss at 32,000.
Bitcoin's remarkable rally gained steam this week as investors remained optimistic about the
crypto industry. The BTC/USD pair crossed the crucial resistance level of 35,000 for the first time since May 2022. It has jumped by over 35% from its lowest point in September.
Bitcoin demand continues
The BTC/USD pair continued surging as investors remained optimistic about the upcoming Bitcoin ETF approval by the SEC. Several large companies like Blackrock, Invesco, Franklin Templeton, and Ark Invest have all filed for a spot Bitcoin ETF with the Securities and Exchange Commission (SEC).
In a statement last week, SEC chair said that the agency was still studying the ETFs. Analysts believe that this approval will happen in the next few weeks or months. The implication of all this is that institutional investors will likely allocate some of their funds to a BTC ETF.
Bitcoin has also risen because of the overall flight to safety as risks in the financial market rises. US budget deficit has jumped to almost $2 trillion while the cost to service the debt has jumped to over $800 billion.
There are also risks that high inflation is here to stay now that the price of crude oil is stuck at $90. As the war between Israel, Hamas, and Hezbollah continues, there is a likelihood that it will soar to over $100 soon.
Bitcoin's surge has also corresponded with the performance of gold. After falling to $1,800 earlier this month, gold has jumped to almost $2,000. Gold is often seen as a safe haven in periods of risk while many investors view Bitcoin as a digital gold/USD technical analysis
The daily chart shows that Bitcoin price formed a double-bottom pattern at $24,801 on June 15th and September 11th. It has now bounced back and moved above the psychological levels at 30,000 and 35,000.
Bitcoin has also jumped above the 50-day and 25-day moving averages, pointing to the strength of bulls. The Relative Strength Index (RSI) has moved to the extreme overbought point of 85.
Therefore, based on the trend-following approach, the outlook for the pair is bullish, with the next target being the psychological level at 36,000. A move above that level will open the possibility for the pair soaring to 40,000. The alternative is where the coin pulls back as investors start taking profits.
Ready to trade our daily Forex signals ? Here's a list of some of the best crypto brokers to check out.
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