(MENAFN- Daily Forex) Bullish view
Buy the BTC/USD pair and set a take-profit at 72,000. Add a stop-loss at 66,000. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 68,000 and a take-profit at 66,000. Add a stop-loss at 70,500.
Bitcoin price lost momentum as concerns about regulations in the US continued. The BTC/USD pair retreated to 68,700 on Thursday morning, down from this week's high of 71,705 scrutiny ahead of halving
Bitcoin pulled back after a judge in New York ruled that the lawsuit by the Securities and Exchange Commission (SEC) against Coinbase can continue. The SEC argues that Coinbase offers unregistered sales and offer of securities to customers.
The SEC believes that most altcoins, including Solana and Ethereum, are financial securities because of their staking features. Staking allows holders to earn monthly returns by delegating their token to the network.
The announcement came a day after the DoJ sued KuCoin, one of the biggest exchanges that handles over $2 billion every day. The department noted that the exchange had no controls in place to deal with money laundering.
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These lawsuits are notable because they could have major implications for the crypto industry . A few months ago, the SEC settled with Binance, the biggest exchange in the world. As part of the settlement, the company was forced to pay a $4.3 billion fine.
The BTC/USD pair retreated as investors watched the flows in the ETF market . Recent data shows that investors are still dumping their Grayscale Bitcoin Trust (GBTC) assets. They are selling their stakes because of the fund's high fees.
Looking ahead, Bitcoin price will likely bounce back ahead of the halving event. Halving is a process where the amount of Bitcoin rewards is slashed by half. In this case, the block reward will drop to 3.12, down from 50 when the network was launched in 2009. In most cases, Bitcoin tends to thrive before and after the Bitcoin halving events/USD technical analysis
The weekly chart shows that Bitcoin has been in a strong uptrend in the past few months. It is now hovering at the important level, which was its highest point in 2021. The pair has also formed a cup and handle pattern , which is one of the most bullish patterns. It has also formed a bullish pennant pattern.
Bitcoin remains above the 50-day moving average . Therefore, the outlook is that the BTC/USD pair remains in this range for a while and then makes a strong bullish breakout . If this happens, Bitcoin will likely surge to $75,000 in the next few weeks.
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