BTC/USD Signal 02/09: Bitcoin Loses Momentum

(MENAFN- Daily Forex) Bearish view

Sell the BTC/USD pair and set a take-profit at 70,000. Add a stop-loss at 80,000, Timeline: 1-3 days.

Bullish view

Buy the BTC/USD pair and set a take-profit at 80,000. Add a stop-loss at 70,000.

Bitcoin price remained under pressure in the past few days, moving from last month's high of $81,365 to the current $77,320. This retreat continued as the crisis in the bond market accelerated.

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The BTC/USD pair has moved downwards in the past few days as the recent momentum waned. This retreat happened even after Strategy restarted its Bitcoin accumulation after a ten-week pause.

It also happened as investors continued accumulating Bitcoin ETFs. These funds added over $3.5 billion in inflows in August, the best performance this year, and a sign that demand is rising.

The weakness coincided with the ongoing sell-off in the bond market. In Japan, the ten-year jumped to a multi-decade high. The same is happening in other countries, including the United States and European countries.

Bond yields continued rising as the US and Iran continued their fighting, which pushed crude oil prices to the highest level in weeks. Brent, the global benchmark, rose to $95, with the West Texas Intermediate (WTI) hitting $90.6.

There is a rising possibility that the Federal Reserve will start hiking interest rates as soon as this month. The CME FedWatch tool places the odds of a rate hike happening this month at 68%. Bitcoin and other risky assets tend to underperform the market whenever the Fed is hiking rates.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The four-hour chart shows that the BTC/USD pair has lost momentum in the past few days. It formed a double-top pattern, a popular bearish reversal sign in technical analysis.

The pair has slipped below the 25-period Exponential Moving Average (EMA). Also, the two lines of the Percentage Price Oscillator (PPO) have moved below the zero line.

The pair remains slightly above the key support level of 76,880, its lowest level on August 24 and August 30. Therefore, there is a possibility that the pair will continue falling, potentially to the key support level of 70,000. In the long-term, however, the pair may resume the uptrend as sellers target last month's high of 81,365.

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