BTC/USD Forex Signal: Bitcoin Is On The Cusp
Date
12/24/2023 11:17:43 PM
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Bullish view
Buy the BTC/USD pair and set a take-profit at 46,000. Add a stop-loss at 42,500. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 43,500 and a take-profit at 42,000. Add a stop-loss at 45,000.
The BTC/USD pair resumed its bullish trend in the overnight session as the Santa Claus rally continued.
bitcoin jumped to a high of $44,210, its highest point since December 8th. The coin has risen by more than 11% from its lowest point last week price rally continues
The BTC/USD price continued rising as investors bought the dip and as hopes of a spot Bitcoin ETF rose. It has risen by more than 185% from its lowest point in November last year.
Other financial assets have also rallied sharply. American equities have surged to a record high. The Dow Jones and Nasdaq 100 indices have risen to their highest levels of all time. At the same time, the US dollar index (DXY) retreated below $102 while bond yields dropped.
The 10-year and 30-year yields dropped to 3.88% and 4.07%, respectively as investors predict of rate cuts in 2024. The Fed has pointed to three rate cuts during the year. Other central banks like the Bank of England (BoE) and the European Central Bank (ECB) will also cut rates.
Most investors believe the Securities and Exchange Commission (SEC) will approve the spot Bitcoin ETF. The SEC met with Blackrock and Nasdaq for the second time this month to discuss the rule changes that are necessary to list an ETF.
That meeting shows that the SEC is considering approving a spot Bitcoin ETF in the coming months. Analysts believe that such a move would bring in more inflows to Bitcoin.
The other catalyst for Bitcoin will be the upcoming halving event scheduled for April next year. Bitcoin does well ahead of halving. Also, it is rising because of the strong demand for Bitcoin Ordinals/USD technical analysis
The BTC/USD pair resumed the bullish trend as demand rose. It has bounced back from last week's low of 40,162, the lowest point since last week. The pair has risen above the 25-day and 50-day Exponential Moving Averages (EMA). It is also nearing its highest point this year.
Bitcoin also moved above the Ichimoku cloud indicator while the Relative Strength Index (RSI) pointed upwards. Therefore, the outlook for the pair is bullish, with the next point to watch will be at 46,000. The stop-loss of this trade will be at 42,500.
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