BTC/USD Analysis 03/09: Technical : At Risk Of A Steep Rever

(MENAFN- Daily Forex) Bearish view

Sell the BTC/USD pair and set a take-profit at 70,000. Add a stop-loss at 81,000. Timeline: 1-2 days.

Bullish view

Buy the BTC/USD pair and set a take-profit at 81,000. Add a stop-loss at 70,000.

Bitcoin price wavered and remained at a crucial support level as the global bond market sell-off continued and as the US dollar gained steam ahead of the US nonfarm payrolls (NFP) data. The BTC/USD pair was trading at 77,180, a few points below the August high of 81,365.

Bitcoin has lost momentum because of rising macro events. One of them is the fact that the global bond market has come under intense pressure this week. In the United States, the benchmark 10-year yield jumped to 4.80%, its highest level in years. The 30-year yield jumped to 5.26%, a trend that has happened in other countries like Germany and France.

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Global bond yields have risen because of rising public debt, with the US sitting on over $40.1 trillion. Also, public debt is competing with debt from hyperscalers like Meta Platforms, Microsoft, and Amazon that are issuing substantial debt to fund their data centers.

Bitcoin is also struggling as crude oil prices continued to rise this week amid the ongoing US-Iran war. The two sides have continued launching their attacks this week, pushing Brent and the West Texas Intermediate (WTI) to $95 and $91, respectively.

These events have led to a stronger US dollar, with the DXY index moving to $99.68, with market participants predicting that the Federal Reserve will hike interest rates as soon as in the September meeting. Bitcoin normally underperforms the market when conditions are tightening.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair pulled back from last month's high of 81,365 to the current 77,196. The two lines of the Percentage Price Oscillator (PPO) have formed a bearish crossover pattern. In most cases, this pattern often leads to more downside over time.

Additionally, the Relative Strength Index (RSI) has continued falling and has just dropped from the overbought level of 86 to the current 64.70. In most cases, a falling RSI indicator is a sign that the downtrend is continuing.

Therefore, the pair will likely continue falling, potentially to the key support level of 70,000. This view will be confirmed if it moves below the key support level of 76,250. On the flip side, a move above the key resistance at 81,365 will point to more gains.

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