(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 97,000.
• Set a take-profit at 88,790.
• Timeline:1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 88,790.
• Add a stop-loss at 97,000

The BTC/USD pair held steady on Wednesday as investors bought the dip after it moved into a bear market. Bitcoin price was trading at $93,400 on Wednesday morning, a few points above this month's low of 88,790. It remains in a bear market after falling by over 25% from the year-to-date high of 126,300 Price Steadies Ahead of FOMC Minutes

The BTC/USD pair will have two main catalysts on Wednesday. First, it will react to the upcoming Federal Reserve minutes, which will provide more information about the last meeting when officials decided to cut interest rates by 0.25% for the second time.

The minutes come as investors continue to weigh on whether the bank will cut interest rates in the next meeting. Data on Polymarket shows that the expectation that the bank will cut rates in the next meeting has reduced to below 60%. Bitcoin normally does well when the Fed is cutting interest rates.

The other main catalyst for the BTC/USD pair will be the upcoming Nvidia earnings, which will shed more light on the ongoing artificial intelligence industry. A strong Nvidia report will likely be bullish for Bitcoin and the broader crypto market.

Bitcoin will also react to data on ETF inflows and outflows. Data shows that more American investors, especially retail investors,have continued to sell their coins. Bitcoin funds have shed over $250 million this week after they lost over $2.3 billion in the last 2 weeks.

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On the positive side, there are signs that whales have started buying after a few days of intense selling. That is a sign that these investors anticipate the coin to start climbing.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily timeframe chart shows that the BTC/USD pair has been under pressure in the past few months as it moved from the all-time high of over 126,000 to the current 93,600. It has formed a small hammer candlestick pattern, which is a common bullish reversal sign.

The pair remains below the 50-day and 100-day Exponential Moving Averages (EMA), while the Relative Strength Index (RSI) has moved to the oversold level. Also, the Percentage Price Oscillator (PPO) has continued falling and is below the zero line.

Therefore, the BTC/USD outlook will remain bullish as long as it is above this week's level of 88,790. It may jump to the resistance level at 100,000. A move below the support at 88,790 will invalidate the bullish outlook.

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