BTC/USD Forex Signal Today 07/05: Neutral Outlook (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 98,000.
• Add a stop-loss at 92,000.
• Timeline: 1-2 days.

Bearish view

• Set a sell-stop at 94,000 and a take-profit at 90,000.
• Add a stop-loss at 98,000.

Bitcoin price has held steady in the past few weeks as it remained above the key support at $90,000. The BTC/USD pair was trading at 95,130 on Wednesday as focus shifted to the upcoming Federal Reserve interest rate decision. It has jumped from last month's low of 74,510.

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The BTC/USD pair rose as third party data showed that demand continued rising this week. According to SoSoValue, spot Bitcoin ETFs have added over $500 million in inflows this month, continuing a trend that has been going on since March.

These funds have now had over $40.6 billion in inflows, with Blackrock's IBIT having the most assets. It has accumulated over $58 billion in assets, and is followed by Fidelity's FBTC, which has over $18.7 billion.

Bitcoin's demand has risen as investors remain optimistic about its role as a safe haven asset. Recent data shows that Bitcoin has done better than the stock market since Donald Trump launched his trade war in February.

Like other assets, Bitcoin price will react to the upcoming Federal Reserve decision on Wednesday. This decision comes a week after the US published mixed economic numbers.

The labor market continued to do well, with the economy adding over 177k jobs in April and the unemployment rate remaining at 4.2%. Another report showed that the economy contracted by 0.4% in the last quarter as the US deficit rose.

Therefore, there is a likelihood that the Federal Reserve will leave interest rates unchanged in this meeting. Officials will likely maintain that they were not in a hurry to cut interest rates as they observe the country's inflation.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair has been in a strong bullish trend in the past few weeks. It has jumped from a low of 74,500 in April to a high of 97,879 last week. Recently, however, there are signs that the pair has lost momentum.

Bitcoin remains above the 50-day and 100-day moving average. However, there are signs that the momentum has faded. Therefore, the BTC/USD pair will likely remain in this range this week. More gains to $100,000 will be confirmed if the pair rose above the resistance level at 97,880.

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