BTC/USD Signal Today 17/06: Price Eyes All-Time High (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 111,000.
• 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 111,000.

Bitcoin price bounced back as the fear that the Iran and Israel crisis would escalate failed. The BTC/USD pair rose to 108,000, its highest point since June 12, and 5.45% higher than the weekend low of 102,485.

Bitcoin's surge coincided with the recovery of the US stock market and the decline in energy prices. The Dow Jones and Nasdaq 100 jumped by 345 and 287 points, respectively. Brent and West Texas Intermediate (WTI) dropped by over 1%.

This price action happened as the recent fear concerning the Iran and Israel war subsided. Traders anticipate that the war will be limited to the two countries soon.

The rebound mirrored what happens during previous main geopolitical events when stocks and cryptocurrencies fall initially and then rebound as investors embrace the new normal.

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Bitcoin price crashed at the onset of the Russian and Ukrainian war in 2022 and then rebounded afterwards. Similarly, they all plunged after COVID was named a pandemic and then reached an all-time high a few months later.

The BTC/USD pair also jumped after a series of positive cryptocurrency news. For example, Justin Sun's Tron will go public through a reverse merger with a toy company known as SRM. The deal is being arranged by Dominari Holdings, a company tied to the Trump family.

Michael Saylor's Strategy also continued its buying spree, accumulating over 10,000 coins last week. This is a big number considering that only 450 new coins are mined each day, totalling 3,150 a week.

Bitcoin ETFs have also accumulated more coins, with their weekly inflows jumping to $1.39 billion last week. Therefore, there are signs that demand and supply dynamics are favoring Bitcoin prices.

EURUSD Chart by TradingViewBTC/USD technical analysis

The daily chart shows that the BTC/USD pair has been in a consolidation phase in the past few weeks. It was trading at 108,110, higher than last week's low of 102,620, and about $4,000 below the highest point on record.

Bitcoin price has remained above the 50-day and 100-day Exponential Moving Averages (EMA). It has also formed a cup-and-handle pattern, a popular bullish continuation sign.

The ongoing consolidation is part of the formation of the handle section. Therefore, it will likely have a strong bullish breakout, with the next point to watch being at 110,000. A drop below the support at 104,000 will invalidate the bullish outlook.

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