(MENAFN- Daily Forex) Bullish view
⦁ Buy the BTC/USD pair and set a take-profit at 65,000.
⦁ Add a stop-loss at 58,945.
⦁ Timeline: 1-2 days view
⦁ Set a sell-stop at 62,000 and a take-profit at 60,000.
⦁ Add a stop-loss at 65,000.
bitcoin continued its consolidation phase even as American Stocks continued soaring, reaching their all-time highs last week. The BTC/USD pair remained at 62,500 on Monday morning, in a week where the consolidation could go on. Bitcoin's price action happened as the Dow Jones jumped to $42,863 and the S&P 500 and nasdaq 100 indices rose to $5,815 and $18,343. These indices continued rising as the bank earnings season started. Bitcoin ETFs have also had mixed performance in the past few weeks. Data shows that these funds have had net inflows of $18.81 billion this year, with the iShares Bitcoin Trust having the most funds.
All spot Bitcoin ETFs added over $253 million in assets on Friday after losing almost $200 million in the previous three days.
Still, on the positive side, Bitcoin ETF inflows have been stronger than expected since they were approved earlier this year. Most investors also plan to invest some of their cash into these funds in the coming years.
Bitcoin's performance has happened at a time when the US dollar index has strengthened substantially in the past few weeks. It has risen from the year-to-date low of $100.1 to over $103.50 as the odds of more Fed cuts waned after the strong jobs and inflation numbers.
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The BTC/USD exchange pair has been in a tight range in the past few days. As a result, it has remained at the middle line of the Bollinger Bands, which has continued to narrow down. The pair has also formed a descending channel pattern and is slightly below its upper side.
The Relative Strength Index (RSI) has remained at the neutral line of 50, while the Percentage Price Oscillator (PPO) has drifted downwards.
Therefore, the pair will likely remain in this range in the near term, barring any major developments. A potential short-term risk to watch will be Israel's retaliation to the Iran's attack and more stimulus package from China.
More upside will be confirmed if the BTC/USD pair rises and crosses the upper side of the channel at $68,000. On the other hand, a drop below the key support at 58,945 will point to more downside.
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