Bullish view
- Buy the BTC/USD pair and set a take-profit at 128,000.
- Add a stop-loss at 123,000.
- Timeline: 1-2 days.
Bearish view
- Sell the BTC/USD pair and set a take-profit at 123,000.
- Add a stop-loss at 128,000.
Bitcoin price rose for six consecutive days and reached a record high as its role as a safe-haven asset continued. The BTC/USD pair jumped to a high of 125,715, up by 16% from its lowest level in September and 70% above the year-to-date low.
Bitcoin price has jumped as investors moved to safe-haven assets as the US government shutdown continued. All spot Bitcoin ETFs have accumulated over $60 billion in assets since January last year.
Most importantly, BlackRock’s IBIT ETF is nearing the $1o0 billion mark in assets. Other top ETFs like those by companies like Fidelity and Grayscale, have also added substantial assets since their inception.
Bitcoin price also soared as companies like Metaplanet and Strategy continued accumulating it. These companies now hold over 1 million coins, a trend that may continue in the coming months.
At the same time, the amount of Bitcoin left in exchanges has crashed to the lowest level in years. This is a sign that investors are not selling the coin.
At the same time, options traders believe that the coin has more gains to go. Contracts that settle towards the end of the year have seen their open interest cluster around the $140,000 strike price for calls. At the same time, there have been a modest increase in demand for puts.
The coin has also jumped because of the ongoing narrative on Uptober, a situation where Bitcoin and the crypto market rally during the month.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair bottomed at 107,200 in September and has now jumped to a record high. It recently moved above the upper side of the descending channel pattern, which is part of the bullish flag pattern.
It has also jumped above the 50-day and 100-day Exponential Moving Averages. Also, it has moved above the previous all-time high. Oscillators like the Relative Strength Index and the Average Directional Index (ADX) have all pointed upwards.
Therefore, the BTC/USD pair will likely continue rising as bulls target the next psychological point at 130,000. A drop below the support at 123,000 will invalidate the bullish forecast.
Top Forex Brokers
eady to trade our daily Forex signals? Here’s a list of some of the best crypto brokers to check out.