(MENAFN- Daily Forex) Bullish view
Buy the BTC/USD pair and set a take-profit at 75,000. Add a stop-loss at 70,000. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 72,000 and a take-profit at 70,000. Add a stop-loss at 75,000.
The BTC/USD pair rally gained momentum as investors continued buying the dip ahead of the upcoming halving event and as institutional demand continued. Bitcoin crossed the psychological point at $73,000, a strong rally considering that it was trading at $38,500 last month momentum continues
Bitcoin has been in a strong bull run , helped by numerous tailwinds in the industry. The first, and most important tailwind was the spot Bitcoin approvals in January as it gave big institutional investors access to the asset.
Bitcoin ETFs have continued seeing strong inflows as many investors boost their investments in the coin. Data shows that the iShares Bitcoin ETF had over $1 billion in inflows on Tuesday, breaking a record. It now has over $14.5 billion in assets. Other funds are also seeing strong inflows.
The other important tailwind is the upcoming halving event. Halving is an important part of Bitcoin's ecosystem in that it helps to moderate its supply. It does that by reducing the amount of coins that can be mined in a day and increasing the mining difficulty.
Forex Brokers We Recommend in Your Region See full brokers list 1 Read full review Get Started
Like with other assets, Bitcoin has done well because of the rising anticipation that the Federal Reserve will start cutting interest rates later this year. In most cases, Bitcoin and other risky assets like stocks tend to do well when the Fed is moderately dovish.
Bitcoin's supply is also falling. Data shows that the amount of coins in centralized exchanges has dropped sharply in the past few weeks. As such, institutional investors are having to compete for the limited supply.
Analysts are also highly confident that Bitcoin has more room to run. Those at Standard Chartered believe that the coin will jump to over $100,000 this year/USD technical analysis
Bitcoin has continued its strong bull run since January last year. In this period, the BTC/USD pair has continued making higher highs and higher lows. It has constantly remained above the supertrend indicator.
The BTC/USD pair has also risen above all moving averages. At the same time, the Money Flow Index (MFI) and the relative Strength Index (RSI) have remained above the overbought level. This is a sign that the pair has bullish momentum .
The Average Directional Index (ADX) has risen to almost 60, signalling that the trend is strong. Therefore, the pair will likely continue rising as buyers target the key psychological level at 75,000.
Ready to trade our free Forex signals ? Here are the best MT4 crypto brokers to choose from.
MENAFN14032024000131011023ID1107978695
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.