(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 125,000.
• Add a stop-loss at 115,000.
• Timeline:1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 115,000.
• Add a stop-loss at 125,000.

The Bitcoin price held steady, a few percentage points below the all-time high, as demand from Wall Street investors surged. The BTC/USD pair was trading at 119,350, a few points below the all-time high of 123,000.

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Bitcoin has jumped as third-party data showed that demand from investors has continued soaring this month. All spot Bitcoin ETFs have added over $700 million in inflows this week, bringing the total inflows to over $53 billion. All Bitcoin ETFs now hold over $150 billion in assets.

The iShares Bitcoin ETF has over $85 billion in assets and is the eighth-largest fund managed by BlackRock. It is also the most profitable because of its 0.25% expense ratio.

Bitcoin also jumped amid the emerging concerns that Donald Trump was considering firing Jerome Powell. While he has denied the reporting, he will likely use the ongoing Fed building renovation to justify his firing, since analysts don't expect him to cut rates anytime soon.

A decision by Trump to fire Powell would be bullish for Bitcoin, as many investors view it as a better alternative to the US dollar. Bitcoin has a fixed supply of 21 million, and its supply has been steadily decreasing.

Data shows that the supply held by exchanges has been in a downtrend, moving from the year-to-date high of 1.5 million in January to 1.2 million today.

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 days. It moved from a low of 74,723 in April to a high of 123,000 earlier this week.

Bitcoin has remained significantly higher than the 50-day and 100-day Weighted Moving Averages (WMA). The MACD indicators have continued to rise, while the Relative Strength Index has moved above 70.

The BTC/USD pair has remained above the key resistance point at 110,000, the upper side of the cup-and-handle pattern. It has also moved above the upper side of the bullish flag pattern.

Therefore, the pair will likely continue rising as bulls target the key resistance level at 130,000. A drop below the support at 110,000 will invalidate the bullish forecast.

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