BTC/USD Forex Signal Today 10/06: All-Time High (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 112,000.
• Add a stop-loss at 104,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 104,000.
• Add a stop-loss at 112,000.

Bitcoin price surged above $108,000 on Tuesday as demand for the coin jumped and supply plunged. The BTC/USD pair rose to 108,400, its highest point since May 28, up by 8% from its lowest point this month.

Bitcoin jumped as data showed that spot ETF inflows resumed their uptrend this week, a sign that Wall Street investors are bullish. Strategy, the biggest Bitcoin holder continued its accumulation, buying over 1,000 coins last week.

At the same time, Bitcoin's supply on exchanges has continued its downtrend this year. There are now over 1.1 million Bitcoin in exchanges, down from over 1.5 million in January. Falling exchange balances is a sign that investors continued to accumulate the tokens.

Bitcoin has also jumped as investors anticipate the outcome of the meeting between US and China. A potential deal would be welcomed by investors as it will lower tensions among market participants.

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The BTC/USD pair will next react to the upcoming US inflation data, which will have an impact on the Federal Reserve. Economists believe that inflation rose in May as companies adjusted prices because of Trump's tariffs.

A higher inflation figure will push the Fed to maintain a hawkish tone, which is bearish for Bitcoin and other risky assets.

EURUSD Chart by TradingViewBTC/USD technical analysis

The daily chart shows that Bitcoin has been in an uptrend after bottoming at $74,567 in April. This price was the lower side of the cup-and-handle pattern, a popular bullish continuation sign.

The BTC/USD pair has remained above the 50-day and 25-day Exponential Moving Averages (EMA). These moving averages have acted as notable support levels since April 24.

Most importantly, the BTC/USD pair has formed a cup-and-handle pattern, a popular continuation sign. It recently formed a descending channel, which was the handle section. It has now moved above the upper side of the handle.

Therefore, the pair will likely continue rising as bulls target the key resistance at 112,000, a few points above the all-time high of 111,900. A move above that level will point to more gains to 115,000. A drop below the support at 105,000 will invalidate the bullish view.

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