BTC/USD Forex Signal Today 30/04: Set To Hit $100K (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 99,000.
• Add a stop-loss at 92,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 92,000.
• Add a stop-loss at 99,000.

The BTC/USD pair continued its uptrend this week and is hovering at its highest level since February as institutional demand in the United States rose. Bitcoin remains above the key resistance level at $95,000 after soaring by 28% from its lowest level this month.

Bitcoin and other risky assets like stocks have bounced back as jitters surrounding trade waned. Stock market indices like the S&P 500 and Nasdaq 100 have all jumped by double digits from their lowest levels this month.

The rally continued on Tuesday after the US published a weak consumer confidence report. According to the Conference Board, the confidence crashed to 86, the lowest level since the COVID-19 pandemic.

Another report showed that the US trade deficit surged to $162 billion as companies rushed to buy products abroad ahead of Trump's tariffs. The surging deficit means that the US likely contracted in the first quarter.

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A weakening economy is often seen as a good thing for Bitcoin and other risky assets because it leads to higher chances that the Federal Reserve will intervene. The bank typically intervenes by cutting interest rates and even quantitative easing.

The next important data that may move the BTC/USD pair will be the upcoming GDP data and the personal consumption expenditure (PCE). PCE is an important data that looks at change in consumer prices in the rural and urban areas, and is the Federal Reserve's most important inflation figure.

ADP will also publish the latest private payrolls data. Economists expect the report to reveal that the economy added 108k jobs in April, a drop from the 155k jobs it created last month. These numbers will come two days ahead of the official nonfarm payroll data.

EURUSD Chart by TradingViewBTC/USD technical analysis

The daily chart shows that the BTC/USD pair has been in a strong bull run in the past few weeks. It recently crossed the important resistance level at 88,798, the upper side of the double-bottom at 76,627.

The pair has moved above the strong pivot reverse point of the Murrey Math Lines tool. It has also avoided forming a death cross and has moved above the 50-day and 200-day moving averages.

The pair is also forming a bullish pennant pattern. Therefore, it will likely continue rising as buyers target the psychological level at 100,000. A drop below the support at 92,000 will invalidate the bullish outlook.

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