(MENAFN- Daily Forex) Bearish view

• Sell the BTC/USD pair and set a take-profit at 103,350.
• Add a stop-loss 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 103,500.

Bitcoin price held steady on Tuesday as the stock and crypto markets improved ahead of major events later this week. The BTC/USD pair was trading at 111,000, up from last week's low of 103,740. This price is about 12.20% below the year-to-date high of 126,300.

Bitcoin's recovery was triggered by Scott Bessent, the Treasury Secretary, who posted that he had had a conversation with his Chinese counterpart and agreed for a meeting this week.

Therefore, the stock and crypto markets are rising as investors predicted that the two sides will reach an agreement or at least de-escalate ahead of the upcoming meeting between Donald Trump and Xi Jinping at the APEC Summit in South Korea.

In a statement, Trump said that his goal was for China to start buying US soybeans, stop the flow of fentanyl, and to continue supplying the US with rare earth materials. It is unclear whether China will agree to these proposals.

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Bitcoin price also rose amid hopes that the Federal Reserve will cut interest rates by 0.25 in the coming meeting. Odds of a rate cut will rise if the US publishes lower-than-expected inflation numbers on Friday.

Additionally, the BTC/USD pair rose as investors bought the recent dip as evidenced by Monday's ETF inflows. Still, the main risk is that the ongoing rise is part of a dead-cat bounce, a situation where an asset rebounds temporarily and then resumes the downtrend.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily timeframe chart shows that the BTC/USD pair peaked at 126,343 earlier this month and then bottomed at 103,344.

It then formed a morning star candlestick pattern, which is a common bullish reversal sign. This candle is made up of a body and small upper and lower shadows.

The risk, however, is that the pair remains below the 50-day Exponential Moving Average, a sign that bears are still in control. Also, the True Strength Index, which measures the strength of a trend, has moved below the zero line and is pointing downward.

Therefore, the pair will likely resume the downward trend and possibly retest this month's low of 103,345. A move below that level will point to more downside, potentially to 100,000.

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