BTC/USD Signal 15/10: Weekly Chart Points To A Rebound

(MENAFN- Daily Forex) Bullish view

Buy the BTC/USD pair and set a take-profit at 87,370. Add a stop-loss at 79,000. Timeline: 1-2 days.

Bearish view

Sell the BTC/USD pair and set a take-profit at 79,000. Add a stop-loss at 87,370.

Bitcoin price retreated below the important support level of $82,000 as the US dollar continued its strong rally. BTC/USD pair dropped to 81,745, down by 6.55% from its highest point in September Drops as US Dollar Jumps

The BTC/USD pair has remained under pressure in the past few weeks as the US dollar continued its strong rally. The US Dollar Index (DXY) jumped to 102.95, its highest level since April 7 last year. It has soared by 7.6% from its lowest level this year.

This price action continued after the US published strong consumer inflation report. The report showed that the headline Consumer Price Index (CPI) rose 3.7% in September. Core inflation, which excludes the volatile food and energy prices, rose 2.6%. These numbers are further from the Federal Reserve's 2.0% target.

EURUSD Chart by TradingView

Bitcoin's price also eased as US bond yields continued to rise. The ten-year yield rose to 5.3%, while the five-year moved to 5%. These yields have been in a strong uptrend because of rising inflation and public debt, which has jumped to over $40.2 trillion.

Bitcoin has remained under pressure amid the falling demand from American investors. Data shows that spot Bitcoin ETFs have suffered over $300 million in outflows this month. These funds have had cumulative inflows of $57.2 billion, with the total assets to over $106 billion.

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The weekly chart shows that the BTC/USD pair has jumped from 57,576 in July to the current 81,640. Recently, however, it has dropped from a high of 87,370 to the current 81,650.

The pair has remained above the Supertrend indicator. It has also moved above the 50-week Exponential Moving Average (EMA). The two lines of the MACD indicator have moved above the zero line.

Therefore, the pair will likely continue rising in the coming weeks. If this happens, the next key target to watch will be at 87,370. A move above that level will point to more gains, potentially to the key resistance level of 90,000. Notably, a surge above that level will lead to more gains towards 100,000.

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