BTC/USD Forex Signal 08/01: Remains Under Pressure (Chart)

(MENAFN- Daily Forex) Bearish view

• Sell the BTC/USD pair and set a take-profit at 87,000.
• Add a stop-loss at 94,500.
• Timeline: 1-2 days.

Bullish view

• Buy the BTC/USD pair and set a take-profit at 95,000.
• Add a stop-loss at 87,000.

Bitcoin price retreated sharply as the recent uptrend lost steam. The BTC/USD pair dropped to 91,130, down from this week's high of 94,515. It remains much lower than the all-time high of 126,300.

Bitcoin retreated as investors embraced a risk-off sentiment ahead of the Supreme Court's ruling on Donald Trump's tariffs on Friday. While the judges hinted that they will rule against the tariffs, there is a likelihood that the justices will allow them to continue.

The decline coincided with the performance of the stock market, with the S&P 500 Index falling by 35 basis points. Other indices like the Nasdaq 100 and the Dow Jones also retreated.

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More data show that spot Bitcoin ETFs have lost momentum. They shed millions of dollars in the last two consecutive days, erasing some of the gains made during this year.

Data shows that the cumulative total net inflows stood at over $57.5 billion, giving its total net assets to $120 billion, which is equivalent to 6.54% of the market capitalization.

Looking ahead, the next key catalyst for the BTC/USD pair will be the upcoming non-farm payrolls (NFP) data, which will provide more information about the health of the American economy.

Economists polled by Reuters expect the data to show that the unemployment rate improved slightly in December to 4.5% from the previous 4.6%. They expect the data to show that the economy added 65k jobs during the month.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily timeframe chart shows that the BTC/USD pair retreated sharply, erasing the gains made a few days earlier. This decline happened after hitting the key resistance level at 94,520, a notable level since it was its highest swing in December.

The pair formed a doji candlestick pattern, a common bearish reversal sign. Also, it has remained below the 50-day Exponential Moving Average (EMA) and the Supertrend indicator.

Therefore, the pair will likely continue falling as sellers target the next key support level at 88,500. A move above the key resistance level at 94,515 will point to more gains, potentially to the psychological level at 100,000.

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