BTC/USD Signal Today 17/4: Recovery Faces Resistance (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 88,660.
• Add a stop-loss at 80,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 80,000.
• Add a stop-loss at 88,660.

Bitcoin price remains in a tight range this week as investors wait for the next major catalyst in the stocks and crypto industry. The BTC/USD pair was trading at 85,000, where it has remained at in the past few days.

This performance is likely because of the rising fear in the financial market because of the Donald Trump's tariffs against all countries. These fears, and a potential recession also explains why the stock market remains under pressure.

Bitcoin has also wavered amid weak demand from Wall Street investors. Data shows that spot Bitcoin ETFs have suffered significant outflows in the past few months.

The BTC/USD pair has also held quite well as the US dollar index has imploded. The index, which tracks the performance of the greenback against a basket of currencies, dropped to $99, and technicals suggest that it may plunge to $90 soon.

Bitcoin has also underperformed other popular safe haven assets like gold and the Swiss franc, which have jumped. Gold has soared to a record high, while the Swiss franc has moved to the highest point since 2011.

There will be no major catalyst to move Bitcoin on Thursday. A potential catalyst will be signs of a settlement between the United States and China. Those signs would lead to higher stocks and Bitcoin prices.

BTC/USD technical analysis

The daily chart shows that Bitcoin has remained under pressure in the past few days. It has formed what looks like a double-bottom pattern, a popular bullish sign in technical analysis. Its neckline is at $88,660, its highest point on March 25.

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The BTC/USD pair remains between the lower and first support levels of the Andrews pitchfork tool and slightly below the 38.2% retracent level. It has also moved below the 50-day moving average.

EURUSD Chart by TradingView

Bitcoin has remained below the descending trendline that connects the highest swing since February last year. Therefore, more upside will be confirmed if the BTC/USD pair rises above the descending trendline. If this happens, the next point to watch will be at 90,000.

The alternative scenario is where it resumes the downtrend and retest the key support at 76,650.

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