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MENAFN- Daily Forex) Bullish view
- Buy the BTC/USD pair and set a take-profit at 68,500.
- Add a stop-loss at 62,000.
- Timeline: 1-2 days.
Bearish view
- Set a sell-stop at 65,000 and a take-profit at 62,000.
- Add a stop-loss at 68,500.
Bitcoin price held steady on Monday, and is hovering near its highest point since July 31st as the risk-on sentiment continued. The BTC/USD pair was trading at 66,000, much higher than this month's low of 52,000, meaning that it has moved into a bull market.
Bitcoin has done well, helped by the ongoing bullish sentiment in the financial market and the rising greed. The fear and greed index rose to the greed zone of 60 for the first time in weeks.
Bitcoin's rally has coincided with the ongoing rebound of American stocks, with the Dow Jones, Nasdaq 100, and S&P 500 indices hovering at their all-time high. Also, the US dollar index (DXY) has dropped to $100.30, its lowest point in months.
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The coin has also bounced back after the Federal Reserve and other central banks continued cutting interest rates. The Fed slashed rates by 0.50%, and there are signs that the trend will continue after last Friday's inflation report.
These numbers showed that the headline and core personal consumption expenditure (PCE) fell to 2.2% in September.
Bitcoin also rose as more institutional investors continued piling in. Data shows that the spot Bitcoin ETFs added over $1 billion last week. These funds have now added over $18.8 billion since their inception.
Similarly, Ethereum ETFs also added assets last week, with Blackrock's fund reached $1 billion in assets.
Other large holders have continued adding into their holdings. For example, MicroStrategy, the biggest holder has added more coins, bringing its total holdings to over 252,220 coins worth over $16 billion/USD technical analysis
The daily chart shows that the BTC/USD pair has been in a strong bull run in the past few weeks. It has moved above the important resistance point at 65,073, its highest point since August this year.
Bitcoin has moved along the upper side of the Bollinger Bands indicator and the 50-day moving average. It has formed an inverse head and shoulders pattern, which is a popular bullish sign.
The Relative Strength Index (RSI) has rallied and is nearing the overbought point at 70 while the Commodity Channel Index (CCI) has also risen.
Therefore, Bitcoin will likely continue rising if it moves above the descending trendline that connects the highest swing since March. If this happens, the next point to watch will be at 68,500.
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