BTC/USD Signal Today 23/04: Safe Haven Demand Rises (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 95,000.
• Add a stop-loss at 88,830.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 88,830.
• Add a stop-loss at 95,000.

Bitcoin price staged a strong comeback this week as it crossed the important resistance level at $90,000. The BTC/USD pair jumped to a high of 91,520, its highest level since March 6 this year. It has soared by over 22% from its lowest level this month as a safe haven

The BTC/USD pair continued its strong rally this week, rising from a low of 74,345 earlier this month to a high of 91,500.

Bitcoin price jumped as investors rotated back to Bitcoin, which they see as a safe haven asset as global risks continued rising.

Risks have jumped in the past few months after Donald Trump announced tariffs on imported goods from all countries.

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Analysts anticipate that the global economy will remain under pressure this year because of these tariffs. The IMF anticipates that the US and China's economies will weaken this year as tariffs bite.

Bitcoin rallied as spot ETFs continued seeing inflows. Data shows that spot BTC ETFs have had inflows for three consecutive days. These funds added over $381 million in inflows on Monday after adding $107 million a day earlier.

Analysts are bullish on Bitcoin. Arthur Hayes, a top crypto expert who founded BitMEX, predicted that the coin will rise to $100,000 in the next few weeks. Robert Kiyosaki, a popular author, predicted that the coin would jump to $180,000 this year.

EURUSD Chart by TradingViewBTC/USD technical analysis

The daily chart shows that the BTC/USD pair has staged a strong comeback in the past few weeks. After bottoming at 74,345 earlier this month, it then bounced back to a high of 91,400, its highest level in over a month.

The pair has moved above the 50-day moving average and the key resistance point at 88,827, its highest point earlier this month. Bitcoin is nearing the 23.6% Fibonacci Retracement level at 94,515.

The Relative Strength Index (RSI) and the MACD have all pointed upwards. It has also jumped above the major S/R pivot point. Therefore, the BTC/USD pair will likely continue rising as bulls target the psychological point at 95,000. A drop below the support at 88,830 will invalidate the bullish outlook.

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