Bullish view
- Buy the BTC/USD pair and set a take-profit at 68,000.
- Add a stop-loss at 60,000.
- Timeline: 1-2 days.
Bearish view
- Sell the BTC/USD pair and set a take-profit at 60,000.
- Add a stop-loss at 68,000.
Bitcoin price rose slightly on Monday, continuing an uptrend that started earlier this month when it bottomed at $57,720. The BTC/USD pair rose to 63,970 as ETF inflows continued rising.
Bitcoin ETF Inflows Continue
The BTC/USD pair rose to 63,970 as investors continued buying Bitcoin ETFs. Data shows that spot Bitcoin ETFs added over $90 million on Friday, bringing the net weekly inflows to $197 million. It was the first weekly inflow since May this year.
Bitcoin has done well even as Strategy signaled that it continued selling its coins last week. The company is in the process of raising capital to boost its cash reserves to pay dividends to preferred investors. Empery Digital, another Bitcoin treasury company, also sold coins to fund its AI transition.
Bitcoin price has done well after analysts maintained their bullish view for the coin. Standard Chartered predicted that the coin will jump to $100,000, while Bernstein has a target of $150,000.
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The next key catalyst for the BTC/USD pair this week will be the upcoming US inflation data. Economists expect the data to show that the headline Consumer Price Index (CPI) eased a bit last month as energy prices dropped.
US inflation report is important because of its impact on the Federal Reserve. A higher inflation report than expected will put pressure on the Fed to hike interest rates later this year. Bitcoin normally underperforms thr market in periods of high inflation and interest rates.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair formed a double-bottom pattern at 58,000 and a neckline at 67,135. This is a common bullish reversal pattern in technical analysis.
The pair has moved above the 50-day moving average and the Ultimate Support of the Murrey Math Lines tool. Also, the Relative Strength Index (RSI) has continued rising.
Therefore, the pair will likely continue rising as bulls target the key resistance at 67,135. A move above that level will point to more gains, potentially to the psychological point at 70,000. A drop below the support level of 60,000 will invalidate the bullish view.
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