(
MENAFN- Daily Forex) Bullish View
- Buy the BTC/USD pair and set a take-profit at 102,000.
- Add a stop-loss at 92,000.
- Timeline: 1-2 days.
Bearish View
- Set a sell-stop at 97,000 and a take-profit at 92,000.
- Add a stop-loss at 102,000.
The BTC/USD pair held steady above 98,000 amid low volume due to the Christmas season. On Thursday morning, Bitcoin traded at $98,400, a few points above the 50-day Exponential Moving Average (EMA).
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money
Bitcoin has done well this year, soaring by 130% and outperforming other financial assets like the Nasdaq 100 and S&P 500 indices. Its performance was mostly because of the rising demand, as evidenced by the growing spot ETF inflows. These funds have received inflows worth over $34 billion.
Bitcoin's supply has also remained under pressure after April's halving event, where block rewards were slashed by half. This halving has led to a higher Bitcoin hash rate and mining difficulty.
The BTC/USD pair has surged, helped by the rising demand and falling supplies, a trend that may continue. Donald Trump, the incoming president, has hinted that he will be a pro-crypto president and suggested that he will implement friendly policies.
Bitcoin has also done well because of the Federal Reserve, which has delivered three rate cuts this year. It has reduced rates by 1% this year and hinted that it will deliver two more cuts in 2025. BTC and other risky assets do well when the Fed and other central banks are slashing rates/USD Technical Analysis
The BTC/USD pair has held steady in the past few days, rising from this month's low of 92,045 to a high of 98,800. It has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control.
Bitcoin has moved above the lower side of the ascending channel, which is a positive thing for the coin. However, this could be a break and retest pattern, which is a popular continuation sign in the market.
The MACD and the Relative Strength Index (RSI) have continued to point downwards, indicating a bearish divergence.
Bitcoin will likely continue rising as the Santa Claus rally gains steam. If this happens, it will likely cross the resistance at $100,000, quickly followed by $101,000. A drop below the key support at 95,000 will point to more downside, possibly below $90,000.
EURUSD Chart by TradingView
Ready to trade our
free Forex signals
on Bitcoin? Here's our list of the best
crypto brokers
worth looking at.
MENAFN26122024000131011023ID1109032866
Comments
No comment