(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 120,000.
• Add a stop-loss at 113,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 113,000.
• Add a stop-loss at 120,000.

The BTC/USD pair pulled back for the fourth consecutive day as the recent bull run stalled and as investors rotated back to altcoins. Bitcoin price retreated to a low of $116,700, down from the all-time high of $123,200.

Bitcoin dropped even as demand remained significantly high. Data shows that spot Bitcoin ETFs added over $2.3 billion in assets last week, a trend that has continued this week. BlackRock's IBIT has continued to lead the Bitcoin ETF inflows as it added over $56 billion in inflows since its inception.

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The BTC/USD pair also slipped even as top altcoins continued their strong surge. Ethereum, which plunged to $1,300 in April this year, jumped to near $4,000, while top altcoins like XRP, Binance Coin, and Solana continued their strong uptrend in a sign that the altcoin season was about to start.

Bitcoin also remained under pressure as investors waited to an upcoming statement by Jerome Powell, the head of the Federal Reserve. His statement will likely reiterate that the Fed will maintain its data-dependence when making its decision on when to cut interest rates.

Powell as come under fire from Trump, who has called for it to cut interest rates to about 1%. He has also considered firing him, and is actively looking for a violation to do that. In a statement on Monday, Anna Paulina Luna, a Republican, asked the Justice Department to investigate and prosecute Powell for allegedly lying under oath.

EURUSD Chart by TradingViewBTC/USD technical analysis

The daily chart indicates that the BTC/USD pair has pulled back over the past few days, declining from a high of 123,200 to approximately 116,800. It remains above the important support level at 112,000.

The two lines of the MACD indicator have formed a bearish crossover pattern. Also, the Relative Strength Index (RSI) has moved below the overbought level at 61, down from this month's high of 75.

Therefore, the BTC/USD pair will likely remain under pressure in the coming days. It will then bounce back in the coming days, with the target being at 123,00. The alternative scenario is where it drops and retests the support at 112,000.

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