BTC/USD Forex Signal Today 12/05: More Upside (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 108,250.
• Add a stop-loss at 100,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 100,000.
• Add a stop-loss at 108,250.

Bitcoin price has bounced back in the past few weeks, and is now hovering at its highest point since January 35. The BTC/USD pair was trading at 104,000 on Monday morning, its highest level since January 31. It has soared by almost 35% from its lowest level this year, and is beating the stock market Price Boosted by demand and supply dynamics

The BTC/USD pair is doing well amid encouraging supply and demand dynamics. Recent data shows that demand continues rising. One of the most popular signs of this demand is the ongoing spot Bitcoin ETF inflows.

These funds attracted $600 million in assets last week after it added $1.8 billion and $3 billion in the previous two weeks. The total inflows since January last year have jumped to over $41.16 billion.

Companies like Strategy, MetaPlanet, and Semler Scientific have continued to accumulate new tokens. That is a sign that institutions have continued to accumulate assets in the past few years.

At the same time, the supply is running out fast as the amount of coins in exchanges has dropped to the lowest level in five years. Falling supply on exchanges is a good sign as it shows holders are not selling their holdings.

The BTC/USD pair has done well as investors react to the latest US and China trade talks that started on Saturday. In a statement on Sunday, Scott Bessent, the Treasury Secretary, said that talks were going on well and had made substantial progress.

A deal between the US and China would be a good thing for Bitcoin and other assets as it would lower the risks that have remained in the market in the past few weeks.

EURUSD Chart by TradingViewBTC/USD technical analysis

The daily chart shows that the BTC/USD pair has rebounded in the past few weeks after bottoming at 74,492 in April. It has crossed the important resistance level at 88,770, the neckline of the double-bottom at 75,000.

The pair has slowly formed a cup and handle pattern, a popular continuation sign. It also formed a mini golden cross as the 50-day and 100-day Exponential Moving Averages (EMA).

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It is now nearing the upper side of the cup at 108,230. Therefore, the BTC/USD pair will likely keep rising as bulls target that target. A move above that level will point to more gains, potentially to the psychological point at 110,000.

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