BTC/USD Forex Signal 05/08: Bullish Outlook (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 120,000.
• Add a stop-loss at 112,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 112,000.
• Add a stop-loss at 120,000.

Bitcoin price rose as investors, including Michael Saylor, bought the dip. The BTC/USD pair was trading at 115,215 on Tuesday, up from the weekend low of 112,000. It has jumped by over 55% from its lowest level in April this year Price Rises as Investors Buy the Dip

The BTC/USD pair was trading at 115,215 after Michael Saylor's Strategy continued its accumulation. It bought coins worth over $2.46 billion, its biggest purchase since it began accumulating it five years ago.

Strategy now holds 628,791 coins currently worth over $72 billion, making it the biggest Bitcoin holders in the industry. It is also planning to spend more coins as it raises $4.2 billion.

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Other companies have continued buying Bitcoin. Metaplanet, the biggest Bitcoin holder in Japan, added more coins, bringing its total holdings to over 17,595. Other top accumulators of Bitcoin are companies like XXI, which is backed by Tether and Softbank, Coinbase, and MARA Holdings.

The BTC/USD pair also jumped as investors reacted to the upcoming nomination of a new Federal Reserve governor after Adriana Kugler's resignation last week.

Her resignation means that Donald Trump will have a chance to reshape the bank by appointing an official keen to cut interest rates. He will join other officials like Michele Bowman and Christopher Waller who have advocated for interest rate cuts.

Still, just the three of them will not be enough to influence the Federal Reserve on interest rates.

Bitcoin also rose as investors reacted to the upcoming Bullish Initial Public Offering (IPO). The company, which is backed by Peter Thiel, will go public later this year at a $4.8 billion valuation. Bitcoin and other top cryptocurrencies often rise when there are good news in the industry.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily timeframe shows that the BTC/USD pair has been in a bullish trend in the past few months. It recently pulled back and reached a low of 112,000, the highest point in May this year. This means that it has formed a break-and-retest pattern, a continuation sign.

Bitcoin price has remained above the 50-day exponential moving average and the ascending trendline, which connects the lowest swings since April. Therefore, the coin will likely continue rising as bulls target the key resistance at 120,000.

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