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MENAFN- Daily Forex) Bullish View
Buy the BTC/USD pair and set a take-profit at 96,000. Add a stop-loss at 90,000. Timeline: 1-2 days.
Bearish View
Sell the BTC/USD pair and set a take-profit at 90,000. Add a stop-loss at 96,000.
Bitcoin price continued soaring in the overnight session, reaching a record high of over $93,200. The BTC/USD pair has soared by almost 90% from its lowest level in August and 115% from its January levels.
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Bitcoin's rally accelerated as the US dollar index retreated to $106.3, down from the year-to-date high of over $107. It also rose after Donald Trump settled on Howard Lutnick, the head of Cantor Fitzgerald to be the new Commerce Secretary. Lutnick has often talked positively about Bitcoin and the crypto industry.
Trump campaigned on making the US the capital of Bitcoin and other cryptocurrencies and analysts expect that his SEC will be different than Joe Biden's.
Meanwhile, investors and companies are still investing in Bitcoin. There are rumours that Trump's social media company wants to buy Bakkt, a company in the crypto industry. MicroStrategy also wants to raise more money to buy Bitcoin. The same is true with Riot Platforms, one of the top companies in the crypto industry.
Data shows that spot Bitcoin ETFs have now had over $27.7 billion in inflows since January this year. Blackrock's IBIT has the most funds followed by Grayscale and Fidelity. These funds will likely see more inflows in the coming days as the coin attempts to hit $100,000.
Bitcoin is also doing well because of the rising odds that the Federal Reserve will continue cutting interest rates later this year/USD Technical Analysis
The BTC/USD pair continued its strong rally in the overnight session as it jumped to a record high. It moved above the important resistance level at 73,777, the previous all-time high.
EURUSD Chart by TradingView
Bitcoin remained above the 50-day and 100-day Exponential Moving Averages (EMA), pointing to strong momentum. The Relative Strength Index (RSI) has moved to the overbought level at 70.
Also, the Market Value to Realized Value (MVRV) indicator has also pointed upwards and is at 2.7, signaling more gains ahead.
Therefore, Bitcoin will likely continue rising as bulls target the important resistance level at $100,000. A drop below the support at 85,000 will invalidate the bullish view for a brief period.
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