BTC/USD Signal 07/01: Stalls At Resistance Level (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 100,000.
• Add a stop-loss at 90,000.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 88,000.
• Add a stop-loss at 100,000.

Bitcoin price retreated after hitting a crucial resistance level as the recent rally lost momentum. The BTC/USD pair retreated to 92,500, down from the key resistance level at 94,645 Street is Still Bullish on Bitcoin

The BTC/USD pair retreated even as American companies remained optimistic about the industry. In a statement, Morgan Stanley confirmed that it was launching two ETFs tracking Bitcoin and Solana, a sign that the company sees the industry doing well.

It joins other companies like BlackRock and Franklin Templeton that have launched such funds. Vanguard, the second-biggest asset manager has started offering crypto ETFs, while Charles Schwab plans to launch crypto trading services.

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Meanwhile, retail and institutional buying remains strong. Data shows that spot Bitcoin ETFs have added over $700 million in assets this year alone, reversing the outflows experienced two months earlier.

Strategy, formerly known as MicroStrategy, has also continued buying Bitcoin. It bought over 1,200 coins last week and it now holds coins worth over $62 billion. It has room to buy Bitcoins worth over $12 billion using the at-the-money operations.

Bitcoin likely retreated as American investors rotated to the stronger-performing stock market. The Dow Jones Index jumped by 500 points, while the S&P 500 and Nasdaq 100 soared by 45 and 140 points, respectively.

The BTC/USD pair will likely react mildly to the upcoming jobs data from the United States. ADP will publish a report on the private sector later today, while the Bureau of Labor Statistics (BLS) will release the data on Friday.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair faced substantial resistance level at 94,645. It has remained below the 100-day Exponential Moving Average. The pair has remained below the Supertrend indicator, a sign that bears are in control.

It has also remained at the Bottom of the Trading Range of the Murrey Math Lines. On the positive side, the Percentage Price Oscillator (PPO) has continued rising and is nearing the zero line.

Therefore, the most likely outlook is neutral for now. A move above the resistance at 94,645 will point to more gains, potentially to the major S/R pivot point at 100,000.

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