BTC/USD Forex Signal Today 24/07: Bullish Pennant (Graph)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 123,200.
• Set a stop-loss at 114,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 114,000.
• Add a stop-loss at 123,000.

Bitcoin price remained in a tight range on Thursday morning as the recent bullish trend gained steam. The BTC/USD pair was trading at 118,530, a range it has remained in the past few days. It has remained below the year-to-date high of 123,200.

Bitcoin price has remained under pressure as investors remained in the sidelines following the recent surge. It moved from a low of $74,375 in April this year to the current $118,465.

Recent data shows that ETF inflows have remained on edge this week. Still, these funds now have over $54.5 billion in assets, making Bitcoin the fastest-growing assets. For example, the iShares Bitcoin ETF (IBIT) as over $87 billion in assets under management. The other top funds like Fidelity, Ark Invest, Grayscale, and Bitwise have all added billions since their inception.

The BTC/USD pair has remained in a tight range even as the US dollar index (DXY) continued falling. It moved from a low of $97, down from this month's high of $98.8. Similarly, the US stock market has continued doing well, with the Nasdaq 100 and S&P 500 indices soaring to a record high.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

Bitcoin price has been in a strong bull run in the past few months, moving from a low of 74,375 in April to a record high of 123,204. On the daily chart, the BTC/USD pair formed an inverse head-and-shoulders pattern, a popular bullish reversal sign.

The pair is now forming a bullish pennant pattern, comprising of a vertical line and a symmetrical triangle pattern. The two sides of the triangle are about to converge, pointing to more gains.

Bitcoin has remained above the 50-day and 100-day moving averages, a highly bullish sign. Therefore, the BTC/USD pair will likely continue rising as bulls target the year-to-date high of 123,200. The alternative scenario is where the pair continues falling, with the next point to watch being at 111,950, the upper side of the inverse H&S pattern.

Ready to trade our free Forex signals ? Here are the best MT4 crypto brokers to choose from.

MENAFN26072025000131011023ID1109844982