Bullish View
- Buy the BTC/USD pair and set a take-profit at 100,000.
- Add a stop-loss at 93,000.
- Timeline: 1-2 days.
Bearish View
- Set a buy-stop at 98,000 and a take-profit at 100,000.
- Add a stop-loss at 95,000.
Bitcoin price remained under pressure on Monday morning after flirting with the crucial resistance level at $100,000 last week. The BTC/USD pair was trading at 97,000, a few points below the all-time high of 99,800.
Top Forex Brokers
Bitcoin has done well this year, helped by the substantial ETF inflows and institutional demand. Data shows that all ETFs have now accumulated over $107 billion in total assets in the past few months.
Blackrock’s IBIT ETF has almost $50 billion in assets, meaning that it will cross the SPDR Gold Shares ETF (GLD) ETF, which has about $85 billion. Fidelity’s FBTC fund has almost $20 billion in assets, while Ark Invest’s ARKB has $5 billion. The other top-performing Bitcoin ETFs are by companies like VanEck, Valkyrie, and Invesco.
Bitcoin’s main catalyst has been the recent Donald Trump election and the rising hopes that he will implement friendly policies. He has already appointed Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE).
He also appointed Howard Lutnick as the Commerce Secretary. Lutnick is known in the crypto industry as one of the top custodians for Tether, the biggest stablecoin in the industry. He also appointed Scott Bessent as the Treasury Secretary. Bessent has historically supported the crypto industry.
Therefore, analysts expect that the next head of the Securities and Exchange Commission (SEC) will be more friendly to the industry than Gary Gensler.
At the same time, the Federal Reserve is expected to maintain a more dovish tone in the coming months since inflation is falling.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair has been in a strong bullish trend in the past few months. It has remained above the key resistance level at 73,800, its previous all-time high.
Bitcoin has remained above the 50-day and 100-day moving averages. It has moved above the upper side of the Bollinger Bands.
The MACD indicator has remained above the zero line, while the Relative Strength Index (RSI) has pointed downwards. There are also signs that it is forming a small bullish flag chart pattern.
Therefore, there is a likelihood that it will continue rising as bulls target the next point at 100,000. The alternative scenario is where it drops and retests 90,000 and then bounces back to 100,000.
Ready to trade our daily Forex forecast? Here’s a list of some of the top forex brokers UK to check out.