BTC/USD Signal 10/11: Bitcoin On Edge

(MENAFN- Daily Forex) Bearish view

Sell the BTC/USD pair and set a take-profit at 72,600. Add a stop-loss at 76,000. Timeline: 1-2 days.

Bullish view

Buy the BTC/USD pair and set a take-profit at 76,000. Add a stop-loss at 72,600.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money

Bitcoin fell below the key support level of $75,000. The BTC/USD pair dropped to $74,550, down 14.67% from its highest point this year. The sell-off intensified as the Crypto Fear and Greed Index slipped into the fear zone and ETF outflows picked up Price Falls as Fear and Greed Index Drops

BTC/USD pair continued its downward trend as investors remained fearful about the market. The Crypto Fear and Greed Index has moved from the greed zone of 81 in October to the current fear zone of 28.

The fear has escalated after last week's election, in which Democrats won in the Senate, House of Representatives, and in the states. As a result, there are fears about Democrats' policies, including on regulating the crypto industry.

A good example of this fear is the ongoing Bitcoin ETF outflows, which have escalated in the past few days. Data shows that spot Bitcoin ETFs have lost over $1 billion in assets this month, continuing a trend that started in October.

The BTC/USD pair also reacted to the rising odds that the Federal Reserve will hike interest rates in the coming meeting. A report released on Friday showed that the economy created 165k jobs last month, much higher than what analysts were expecting. The unemployment rate improved to 4.1%.

The next key catalyst for Bitcoin will be the upcoming US inflation report. Economists expect the report to show that the headline and core inflation softened moderately last month. Inflation may continue falling as crude oil prices fall, with Trump saying that the Iran war was effectively over.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily chart shows that the BTC/USD pair has been in a steady downward trend in the past few days. It has slumped from a high of 87,400 in October to the current 74,700.

The pair has dropped below the 38.2% Fibonacci Retracement level, a sign that bears are gaining momentum. It has also slipped below the 50-day Exponential Moving Average, a sign that bears have prevailed

Therefore, the pair will likely continue falling, potentially to the psychological level of 72,602, the 50% Fibonacci Retracement level. On the flip side, a move above the resistance level of 76,000 will invalidate the bearish outlook.

Ready to trade our free Forex signals? Here are the best MT4 crypto brokers to choose from.

MENAFN10112026000131011023ID1111939926