BTC/USD Forex Signal 10/09: Cusp Of Bearish Breakout (Chart)

(MENAFN- Daily Forex) Bearish view

• Sell the BTC/USD pair and set a take-profit at 107,000.
• Set a take-profit at 115,000.
• Timeline: 1-2 days.

Bullish view

• Buy the BTC/USD pair and set a take-profit at 115,000.
• Add a stop-loss at 107,000.

The BTC/USD pair remained under pressure on Wednesday morning as the recent consolidation continued. Bitcoin was trading at $112,000, down from the year-to-date high of $124,250 Price Waits For US Inflation Data

The BTC/USD pair retreated after the US published the latest jobs report from the United States. This report revealed that the number of payrolls in the economy was much lower than previously expected. The number was revised downwards by 911,000, the biggest revision in years.

Before that report, the non-farm payrolls numbers showed that the economy added 1.8 million jobs in the year to March or 149,000 a month. This means that the addition was roughly half of that.

This report came a few days after the US published weak nonfarm payrolls data on Friday. That report showed that the economy added just 22,000 jobs in August after adding 73,000 in the previous month. The unemployment rate rose to 4.3%, the highest level since the pandemic.

The BTC/USD pair also held steady as crypto investors waited for the upcoming US inflation data, which will show the impact of Donald Trump's tariffs on the economy.

Economists expect the upcoming producer and consumer inflation numbers to show that prices continued rising in August, moving further away from the Federal Reserve's 2% target.

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Bitcoin also wavered after Cboe, a top financial services company, said that it would launch continuous futures for Bitcoin and Ethereum. The new products will have a ten-year expiration, reducing the need to roll positions over time.

It is a sign that there is demand for Bitcoin and other top cryptocurrencies. Data shows that the spot Bitcoin ETFs have had over $54 billion in inflows, bringing the total assets in its platform to $145 billion.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily timeframe chart shows that the BTC/USD pair has remained under pressure in the past few days. It has dropped from the year-to-date high of 124,250 to the current 112,000.

The current price is notable because it is along the neckline of the double-top pattern point at 123,230. It is also in the process of forming a bearish flag pattern, a popular continuation pattern.

The BTC/USD pair has remained below the 50-day Exponential Moving Average (EMA). Therefore, the most likely scenario is where the pair continues falling, with the initial target being last month's low of 107,330. A move below that level will point to more downside to 105,000.

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