BTC/USD Signal 22/10: Bullish, Risk-On Sentiment Continues

(MENAFN- Daily Forex) Bullish view

Buy the BTC/USD pair and set a take-profit at 87,300. 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 87,300.

Bitcoin price rose for the second consecutive day and neared the important resistance of $85,000 as investors embraced a risk-on sentiment. BTC/USD was trading at 84,678, up modestly from this month's low of 79,872. This rally may continue, helped by its strong technicals and fundamentals Price Jumps After Risk-On Sentiment

BTC/USD pair jumped as investors piled back into risky assets. Stocks bounced back, with the Dow Jones and Nasdaq 100 indices rising by 320 and 335 points, respectively. On the other hand, the US dollar, crude oil, and bond yields dropped.

The US Dollar Index (DXY) fell to 101.50, while Brent and the West Texas Intermediate (WTI) fell to $108 and $97, respectively. Further, the ten-year and thirty-year bond yields dropped to 5.11% and 5.41%, respectively.

The same trend happened in the ETF market, where spot Bitcoin ETFs have continued adding assets. As a result, after suffering net outflows for most part of the month, these funds have now turned net positive for the month. If this trend continues, it will be the fourth consecutive month of inflows.

EURUSD Chart by TradingView

Bitcoin has gained assets after JPMorgan Asset Management predicted that Bitcoin will beat stocks, gold, and bonds in the long term. It expects it to have annualized gains of about 10%.

Michael Saylor's Saylor and Strive have continued adding assets this month. Strategy now holds 848,517 coins, while Strive has 36,818 coins, and this buying may continue. Strive completed the SATS IPO, raising $630 million that the company hopes to use to buy Bitcoin.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money BTC/USD Technical Analysis

Technicals suggest that Bitcoin has more upside in the near term. It has formed a falling wedge pattern, which is made up of two descending and converging trendlines. A closer look shows that it has already moved above the upper side of the chart.

Bitcoin has constantly remained above the 50-day Exponential Moving Average (EMA) and the Supertrend indicator. It also remains above the Ichimoku cloud indicator. Therefore, the price will likely continue rising as bulls target the next key target level of 87,254. A move above that level will point to more gains, potentially to the psychological level of 90,000

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