(MENAFN- Daily Forex) Bullish view
Buy the BTC/USD pair and set a take-profit at 73,765. Add a stop-loss at 68,220. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 70,000 and a take-profit at 68,000. Add a stop-loss at 72,500.
Bitcoin continued its strong recovery on Tuesday morning as fears of the ongoing Grayscale Bitcoin Trust (GBTC) liquidations faded. The BTC/USD pair surged to over 70,000 for the first time since March 15th. It is now nearing its highest point on record at 73,765 recovery continues
Bitcoin price continued soaring this week as the recovery that started on March 20th accelerated. This rebound happened as investors predicted that the ongoing GBTC inflows would start easing soon.
GBTC, the biggest ETF in the industry, has shed over 300k Bitcoins because of its huge fees. While some spot Bitcoin ETFs have an expense ratio of less than 0.25%, the GBTC fund has a ratio of 1.50%. This makes it one of the most expensive ETFs in Wall Street .
One positive is that there are signs that some of the GBTC assets have moved to other ETFs such as the iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin ETF. These ETFs have had strong inflows in the past few weeks.
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Bitcoin is also soaring because of the rising optimism about the upcoming halving event. Halving is a situation where the Bitcoin block rewards are slashed into half. The implication is that the number of Bitcoin produced every day will drop from over 900 to 450.
It also rallied as the US dollar index (DXY) retreated. The index crashed by over 0.25% to $103.95, down from last Friday's high of $104.18.
Bitcoin's rebound coincided with the recovery of other altcoins. Some of the top altcoins were Arweave, Near Protocol, and Internet Computer/USD technical analysis
Bitcoin price peaked at over 73,000 this month and then pulled back sharply as the momentum faded. On the four-hour chart , the pair has moved above the upper side of the descending channel pattern .
As it jumped, the BTC/USD pair surged above the important resistance point at 68,223, its highest point on March 21st. It also rose above the Woodie pivot point at 66,000.
The pair rose above the 50-period Arnaud Legoux Moving Average (ALMA) and the 23.6% Fibonacci Retracement point . Further, the Relative Strength Index (RSI) and the MACD indicators have all pointed upwards.
Bitcoin is nearing the first resistance of the Woodie pivot point. Therefore, the pair will likely continue soaring as buyers target the YTD high of 73,765.
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