(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 125,000.
• 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 125,000.

Bitcoin price continued its strong surge as sentiment in the financial market improved. The BTC/USD pair was trading at 123,000 on Thursday after hitting an all-time high of $124,000. It has now surged sharply from the April low 74,500.

Bitcoin soared as the sentiment in the crypto industry accelerated. A good example is that Bullish, the parent company of CoinDesk went public on Wednesday and its stock surge by over 200% giving it a market capitalization of over $13 billion.

More data shows that American institutions, including endowment funds, have started to buy Bitcoin ETFs. For example, Brown University and Harvard have invested in the BlackRock Bitcoin ETF.

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All Bitcoin ETFs have experienced over $55 billion in inflows, a substantial amount that has increased their Bitcoin holdings to more than $150 billion. Similarly, Ethereum ETFs have added over $1.7 billion in inflows.

The BTC/USD pair jumped as the crypto fear and greed index continued its bullish momentum. It has moved to the green zone, a sign that investors have embraced a risk-on sentiment.

This sentiment is happening because the Federal Reserve will likely start to cut interest rates in the September meeting after the labor market deteriorated and inflation rose at a slower pace than was expected.

Bitcoin's demand is increasing at a time when the supply of BTC in exchanges has continued falling. Low supply exchange is a sign that investors are not rushing to sell their coins. Instead, many of them are movin their coins to their wallets.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair has been in a strong bullish trend in the past few months. It has remained above the 50-day moving average, which has provided it with substantial support.

The Relative Strength Index (RSI) has continued rising and is now nearing the overbought level of 70. Additionally, the Average Directional Index (ADX) has been pointing upwards, indicating that bullish momentum is continuing.

Therefore, Bitcoin has the momentum it need to jump to the psychological poing at 125,000. A drop below the 50-day moving average at 114,557 will invalidate the bullish forecast.

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