BTC/USD Forex Signal Today 23/07: Bullish Breakout (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 123,000.
• Add a stop-loss at 116,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 116,000.
• Add a stop-loss at 123,000.

Bitcoin price bounced back and moved above the important psychological point at $120,000 as investors bought the dip. The BTC/USD pair as trading at 120,000 on Wednesday, a few points below the year-to-date high of 123,205. This price was much higher than the April low of 74,375.

Bitcoin's jumped as investors embraced a risk-on sentiment in the market, The fear and greed index has moved to the Greed zone of 70, while a new meme stock season is underway in the stock market. Companies like Kohls, GoPro, Faraday Future, Chegg, Opendoor, and Tilray Brands jumped by over 30% on Tuesday.

This growth led to more gains in the stock market, with the S&P 500 Index soaring above $6,313 and the Nasdaq 100 and Dow Jones continuing their strong uptrend. Bitcoin does well when the Fear and Greed Index is rising and when market participants have embraced a risk-on sentiment.

The BTC/USD pair also continued rallying as investors cheered the recent growth in exchange-traded funds. These funds have attracted billions of dollars in assets this year, and now have over $150 billion in assets.

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This growth has been driven by institutional investors, who were in the sidelines in the last 16 years. Many of these companies are now investing in Bitcoin because of the friendly regulations by the Trump administration. Just last week, the president signed the GENIUS Act into law.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the Bitcoin price has been in a strong bullish trend in the past few months. It jumped to an all-time high of $123,204 on July 14, up from the year-to-date low of 74,375.

The BTC/USD pair has remained above the 50-day and 100-day moving averages. It also formed a highly positive bullish flag pattern, which is composed of a vertical line and a rectangle of consolidation.

Therefore, the bullish flag pattern points to an eventual rebound to the all-time high of $123,200. A move above that level will point to more gains, potentially to the psychological point at 125,000. A drop below the lower side of the flag's consolidation at $116,000 will invalidate the bullish Bitcoin forecast.

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