Bearish View
- Sell the BTC/USD pair and set a take-profit at 90,000.
- Add a stop-loss at 97,000.
- Timeline: 1-2 days.
Bullish View
- Buy the BTC/USD pair and set a take-profit at 97,000.
- Add a stop-loss at 90,000.
Bitcoin price continued its downward trend as the recent upward momentum faded. The BTC/USD pair crashed to the key support at 92,600 as the much-anticipated Santa Claus rally failed to materialize.
Xem thêm : EUR/USD Price Analysis: Euro Stabilizes After Hitting Fresh Lows
Bitcoin slumped even after some good news in the crypto industry. Donald Trump has appointed more people who will serve in the crypto and artificial intelligence council as the industry pushes him to implement crypto policies on day one.
Analysts expect that Trump’s appointees to lead the Securities and Exchange Commission (SEC) will take a different approach than Gary Gensler’s. Gensler was criticized for focusing on lawsuits, which he unleashed on companies like Ripple Labs, Coinbase, Binance, and Kraken.
Bitcoin also continued falling after companies continued to accumulate the coin. MicroStrategy, the biggest Bitcoin holder, announced another Bitcoin purchase. It spent coins worth $561 million for the seven consecutive weeks. Odds are that the company will continue buying Bitcoins in the future.
MetaPlanet, a top Japanese company, has also continued to buy Bitcoin. It acquired more coins last week, bringing its total holdings to 1,762. Other companies buying Bitcoin are Semlet Scientific, MercadoLibre, and Marathon Digital.
Xem thêm : Euro Hesitates Near 2-Year Lows Ahead of Non-Farm Payrolls
Bitcoin’s retreat is also happening because of the ongoing profit-taking after the coin surged hard and reached a record high of over $108,000 last week. The profit-taking accelerated after the Federal Reserve slashed interest rates last week and hinted that it would deliver two more cuts in 2025.
BTC/USD Technical Analysis
The BTC/USD pair has suffered a harsh reversal after soaring to a high of $108,375 on December 17. It has dropped below the lower side of the ascending channel, which connects the lowest swings since November 12.
The pair has moved slightly below the Murrey Math lines’ weak, stop & reverse point. Also, oscillators like the Relative Strength Index (RSI) and the MACD indicators have pointed downwards.
Therefore, the pair will likely continue falling if it loses the 50-day moving average at 92,450. If this happens, the next key point to watch will be at $87,500. A move above the ascending channel at 97,000 will invalidate the bearish view.
Ready to trade our free Forex signals on Bitcoin? Here’s our list of the best crypto brokers worth looking at.
Nguồn: https://cumlaude.fun
Danh mục: News
