BTC/USD Forex Signal 19/01: Bullish Pattern (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 90,000.
• Add a stop-loss at 100,000.

Bitcoin price remained in a tight range on Monday, continuing a performance that started last week. The BTC/USD pair was trading at 95,000, down slightly from the year-to-date high of 98,000 ETF Outflow and CLARITY Act

The BTC/USD pair retreated after the Senate Banking Committee paused the highly-anticipated CLARITY Act markup, which was scheduled on Thursday last week after Coinbase withdrew its support.

Coinbase cited several reasons for this, but the most important one was the ending of stablecoin returns by American crypto exchanges, a move that banks and credit unions have fought hard for. These companies argue that offering stablecoin rewards will lead to capital flight from banks, a move that will affect their balance sheets and the amount of money they will be able to lend.

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The White House has threatened to pull its support for the bill, arguing that Coinbase did not speak for the industry as some similar companies like Kraken and Robinhood.

The BTC/USD pair also dropped after American investors dumped ETFs worth over $500 million on Friday as the pessimism about the CLARITY Act continued. Still, the funds added over $1 billion in net assets last week.

Looking ahead, the main catalyst for the BTC/USD pair will be the upcoming Supreme Court decision on the legality of Donald Trump's tariffs. A decision to end these tariffs will be bullish for Bitcoin and other risky assets because it may lead to lower inflation and push the Federal Reserve to deliver more interest rate cuts.

The pair will also react to any progress made on the Market Structure Bill in Washington. A sign that it will pass will be bullish for the coin and the crypto industry.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily timeframe chart shows that the BTC/USD pair has pulled back in the past few days, moving from the year-to-date high of 98,000 to the current 95,325.

On the positive side, the pair has remained above the important support level at 94,392, the upper side of the ascending triangle pattern. It has also moved above the 25-day Exponential Moving Average (EMA).

It has moved slightly above the strong, pivot, reverse of the Murrey Math Lines tool. Therefore, the most likely scenario is where it rebounds and hits the key resistance level at 100,000.

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