(MENAFN- Daily Forex) Bullish View
Buy the BTC/USD pair and set a take-profit at 110,000. Add a stop-loss at 100,000. Timeline: 1-2 days.
Bearish View
Set a sell-stop at 105,000 and a take-profit at 100,000. Add a stop-loss at 110,000.
The BTC/USD pair resumed the uptrend and neared its all-time high of 109,217 as excitement about the new Donald
trump administration continued.
bitcoin rose to $106,500 after falling to $102,000 on the first day in office.
The BTC/USD pair initially dropped sharply after the new president failed to mention
Bitcoin and crypto in his inaugural address. He also did not sign any executive orders related to crypto, hurting many investors who expected action on day one.
Analysts are still optimistic that Trump will direct the SEC to enact friendly policies now that he has become a big player in the crypto industry. He has launched his meme coin that has become a multi-billion asset.
Trump has also raised over $1 billion in his World Liberty Financial (WLFI) product, which has invested millions in tokens like Chainlink, Ethereum, and Ondo. As such, he might want to enact policies that may benefit the industry.
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One of the potential policy changes that may come will be a Strategic Bitcoin Reserve. Eric Trump and Senator Cynthia Lummis discussed the issue on inauguration day. Trump's children have the biggest influence on him, meaning that they might ask him to launch the reserves. Polymarket odds for such a reserve have risen to over 65%.
Bitcoin rose as MicroStrategy announced that it acquired 11,000 Bitcoins valued at over $1 billion. The acquisition brought its total coins to 461,000 currently valued at almost $50 billion. Inflows into spot Bitcoin ETFs continued rising/USD technical analysis
The daily chart shows that the BTC/USD pair continued its strong uptrend and neared the all-time high of 109,217. It has constantly remained above the 50-day and 25-day Exponential Moving Averages (EMA).
The pair has remained above the key psychological level at 100,000 and the Ichimoku indicator. The MACD indicator moved above the zero line, a positive sign for the coin.
On the negative side, the pair has formed a double-top chart pattern, a risky sign that often leads to a bearish breakdown. The Average Directional Index has also pointed downwards and moved to the lowest level since October 16. Therefore, more gains, possibly to 110,000 will be confirmed if the pair moves above the double-top point at 109,200.
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