BTC/USD Signal 28/10: Bitcoin Steady Above $80K

(MENAFN- Daily Forex) Bullish view

Buy the BTC/USD pair and set a take-profit at 82,760. Add a stop-loss at 78,000. Timeline: 1-2 days.

Bearish view

Sell the BTC/USD pair and set a take-profit at 78,000. Add a stop-loss at 82,760.

Bitcoin price held steady above $80,000 as a risk-on sentiment prevailed in the global markets ahead of the Federal Reserve interest rate decision. The BTC/USD pair was trading at 80,845, down modestly from the October high of 87,365.Risk-On Sentiment Ahead of Fed

Bitcoin price rebounded as investors embraced a risk-on sentiment in the market. The same trend happened in the stock market, where the Dow Jones rose by 23 points to 52,387, and the Nasdaq 100 soared by 308 points. US stocks have jumped in the last two consecutive days.

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The bond market held steady, with the ten-year yield staying below 5%. The 30-year and five-year yields eased to 5.31% and 4.8%, respectively. The US Dollar Index (DXY), however, extended its rally to 102.35, its highest level since October 15, after the US published a strong consumer confidence report.

Crude oil prices also moved downwards, with Brent and the West Texas Intermediate (WTI) falling to $114 and $100, respectively.

Looking ahead, Bitcoin will react to the upcoming Federal Reserve interest rate decision that happens during the American session. Economists expect the bank to leave interest rates unchanged between 3.75% and 4%. It will do so to observe the impact of the last meeting on inflation and the economy.

Bitcoin is also reacting to the happenings in the ETF market, where inflows have continued rising this week. These funds have added over $200 million in assets this week, a reversal from what happened last Thursday and Friday.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair has remained under pressure in the past few weeks, moving from a high of 87,365 earlier this month to 80,828. It has remained below the important support level of 82,758, its highest level in May this year.

On the positive side, Bitcoin formed a doji candlestick pattern on Monday. In most cases, this pattern normally leads to a reversal. It has remained above the 50-day Exponential Moving Average (EMA).

Also, the Relative Strength Index (RSI) has pulled back to 45. Therefore, the pair will likely hold steady in the near term. If this happens, the next key target to watch will be at 82,758. A move below the support level of 79,200 will invalidate the bullish outlook

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