(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 120,000.
• Add a stop-loss at 110,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 110,000.
• Add a stop-loss at 120,000.

The BTC/USD pair continued wavering as investors reacted to the ongoing weakening demand among investors. Bitcoin price was trading at $115,720 on Thursday, down by 7% from its highest point this year.

Third-party data shows that American investors remained in the sidelines, with some of them selling their coin. All spot Bitcoin ETF have had net outflows of over $1.5 billon in the last few days.

These funds have had cumulative inflows of $53.65 billion, bringing their total assets to $146 billion. BlackRock's IBIT ETF now holds over $83 billion, while Fidelity's FBTC has $22.86 billion.

On the positive side, Bitcoin Treasury companies like Strategy, MARA Holdings, RIOT Platforms, and Trump Media have continued to accumulate more coins. Strategy holds 628,791 coins, while Riot Platforms has 19,239 coins.

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Trump Media, which started to buy Bitcoin recently, is now the sixth-biggest holder with 18,430 coins valued at over $2.1 billion.

The other positive catalyst is that analysts expect that the Federal Reserve will start cutting interest rates in its September meeting. Polymarket odds of a Fed cut have jumped to almost 90%, while the CME Fed Futures tool ha 87% odd of cuts.

Bitcoin and other risky assets do well when the Fed is either cutting rates or when it signals that it will cut.

The case for cuts is that the US economy is starting to feel the blunt for Trump's tariffs, with the nonfarm payrolls rising by just 73,000 last month. The risk, however, is that inflation remains sticky.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair has done well in the past few months. It surged from a low of 74,530 in April to a record high of 123,192.

Most recently, the Awesome Oscillator has moved below the neutral point, which is a bearish sign. On the positive side, Bitcoin has remained above the 50-day moving average.

Bitcoin has retested the support at 111,825, its highest swing on May 23rd. It has also formed a bullish flag pattern, which is a positive sign.

Therefore, Bitcoin price will likely have a bullish breakout and point to more upside, with the key resistance being at 123,200. This price is about 7% above the current level. A drop below the support at 110,000 will cancel the bullish outlook.

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