BTC/USD Signal 24/09: Bitcoin Loses Momentum

(MENAFN- Daily Forex) Bullish view

Buy the BTC/USD pair and set a take-profit at 90,000. Add a stop-loss at 80,000. Timeline: 1-2 days.

Bearish view

Sell the BTC/USD pair and set a take-profit at 80,000. Add a stop-loss at 90,000.

Bitcoin price eased slightly as crude oil jumped and as investors started to book profits after the recent rally. The BTC/USD pair retreated to 84,280, a few points below this month's high of 87,266. It remains nearly 50% above the lowest level this year.Bitcoin Rally Loses Momentum

The BTC/USD pair retreated as the recent rally lost momentum as crude oil bounced back. Brent, the global benchmark, rose to $102.50, while the West Texas Intermediate (WTI) rose to $93. US gasoline and diesel prices also continued rising to $4.47 and $6.52, respectively.

Rising crude oil prices are bearish for Bitcoin because they lead to higher inflation for longer. Diesel is especially important because it is used to transport almost everything that is sold in the United States.

The rising oil prices means that the Federal Reserve will need to hike interest rates at least one more time this year. Most economists predict that the rate hike will happen in either October or December.

On the positive side, spot Bitcoin ETFs continue to add more assets this year. Inflows have jumped by over $2 billion this week. In total, they have added over $5.6 billion in the past three months, meaning that they have now turned positive for the year. These funds have now added over $56 billion in assets since their inception and currently holds assets worth over $110 billion.

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Bitcoin's futures open interest has continued rising in the past few weeks. Open interest has jumped to over $61 billion, its highest level in over a month. This figure has jumped sharply from last month's low of $45 billion.

The next key catalyst for Bitcoin and other assets will be the upcoming Donald Trump and Xi Jinping meeting.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair has been in a strong uptrend in the past few months. It has soared from a low of 57,700 to a high of 87,266 this month. It jumped above the crucial resistance level of 82,525, its highest level on September 3rd.

The coin has formed a golden cross pattern as the 50-day moving average has crossed the 200-day moving average level. Bitcoin is also attempting to form a break-and-retest pattern by retesting the key level of 82,500.

Therefore, there is a likelihood that the coin will bounce back, and possibly retest this month's high of 87,266. A move above that level will point to more gains, potentially to 90,000.

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