BTC/USD Signal Today - 29/10: BTC Rally Boosts (Chart)

2024-10-29 02:29:13

(MENAFN- Daily Forex) Bullish View

Buy the BTC/USD pair and a take-profit at 73,000.
Add a stop-loss at 66,000.
Timeline: 1-2 days.

Bearish View

Set a sell-stop at 69,000 and a take-profit at 67,000.
Add a stop-loss at 72,000.

Bitcoin price soared and retested the important resistance point at $70,000 for the first time in months as the odds of a Donald Trump victory rose and as geopolitical risks eased. The BTC/USD pair has moved into a bull market after rising by over 30% from its lowest level in September.

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Bitcoin's rally happened as the price of crude oil slumped by over 4% on Monday after Israel avoided bombing Iran's oil and gas infrastructure as some analysts were expecting. The response happened because of the rising pressure from the Biden administration because of the upcoming election.

Bitcoin also jumped after Donald Trump held a big rally in New York a he made his closing arguments. Therefore, there is a high likelihood that he will win the election, with Polymarket's odds rising to 66%.

Donald Trump is viewed positively by the crypto industry, meaning that the coin could continue rising if he wins.

Meanwhile, institutional investors have continued to move to Bitcoin ETFs. Data shows that Bitcoin ETFs have crossed the $22 billion inflows mark, pointing to more demand. One of the recent buys was Emory University, which acquired ETFs worth over $15 million.

The BTC/USD pair will react to the upcoming US economic numbers, which will provide more information about the Federal Reserve/USD Technical Analysis

The daily chart shows that the BTC/USD exchange pair continued its strong rally, retesting the important resistance point at 70,000. It has remained above the 50-day and 25-day moving averages, meaning that bulls are in control for now.

EURUSD Chart by TradingView

Bitcoin has also formed an inverse head and shoulders pattern, pointing to more upside in the market. Also, the MACD and the Percentage Price Oscillator (PPO) have pointed upwards in the coming months.

The Relative Strength Index (RSI) has also continued rising. Therefore, the path of the least resistance for the pair is bullish, with the next point to watch being the psychological point at 73,000. A break above that level will point to more gains, with the next point to watch being at the all-time high of 73,800.

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