(MENAFN- Daily Forex) Bullish view
Buy the BTC/USD pair and set a take-profit at 71,000. Add a stop-loss at 60,000. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 64,000 and a take-profit at 60,000. Add a stop-loss at 68,000.
Bitcoin price surged to a record high on Tuesday as the bullish momentum continued. The BTC/USD pair jumped to 69,350 and then pulled back to about 65,000 as some investors started to take profits. It has been one of the best-performing major assets as it soared by over 315% from its lowest point in 2023 price rally continued
The BTC/USD pair has been in a strong uptrend in the past few months as demand continued rising ahead of the upcoming halving.
Bitcoin has continued seeing inflows, especially from institutional investors. Data compiled by Blackrock shows that the asset has gained over $11.1 billion in assets. It has become the fastest-growing ETFs in the world.
IBIT has also become highly traded. Data shows that the daily volume of IBIT jumped to over 63 million on Monday, higher than the 30-day average of 29.6 million. Similarly, the Fidelity Wise Origin Bitcoin ETF has added over $2.3 billion in assets.
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This trend will likely continue as demand for Bitcoin continues rising ahead of the upcoming halving event. Halving is a process where the amount of Bitcoin rewards is reduced by half, leading to low supply growth.
Bitcoin has also risen because of the growing greed in the market. The fear and greed index has risen to the extreme greed zone of 86. The BTC/USD pair tends to do well when there is greed in the market/USD technical analysis
The BTC/USD pair has been in a strong upward trend in the past few months. It has surges from the December 2022 low of 15,745 to a record high of 69,350. The pair has remained above all moving averages.
It then pulled back after hitting its all-time high because of profit-taking. The Relative Strength Index (RSI) , MACD , and the Stochastic Oscillator have all jumped sharply in the past few days. They have all moved above the overbought level.
Bitcoin has formed a cup and handle pattern, which is a bullish sign. Therefore, the outlook for the pair is bullish, with the next reference level to watch being at 71,000. This view will be confirmed when it moves above 70,000. The stop-loss of this view will be at 60,000.
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