Bullish view
Bearish view
(Click on image to enlarge)Bitcoin price continued its strong uptrend, as investors reacted to several catalysts like ETF inflows, upcoming US general election, and the Federal Reserve. The BTC/USD pair rose to the important resistance point at 69,000, its highest point since July 29.
Bitcoin’s numerous catalystsThe BTC/USD pair continued soaring as Bitcoin ETFs continued seeing substantial inflows. Data shows that all Bitcoin ETFs have added almost $21 billion in inflows since they were approved in January. Blackrock’s IBIT has $22.8 billion, while Fidelity and Ark Invest ETFs have accumulated $12 billion and $3.6 billion.Most recently, all spot Bitcoin ETFs have added assets in the last six consecutive days, and the trend may continue in the coming weeks.Bitcoin has also jumped as gold continued its uptrend, reaching a record high on Friday. In most cases, Bitcoin is often seen as the digital version of gold, a precious metal that has done well over the years.The BTC/USD pair continued rising as odds of a Trump victory continued, with the Polymarket placing his odds at 60%. Trump is widely seen as the better president for Bitcoin because of his pledge to make the US the world crypto capital.However, analysts caution that a president’s impact on the crypto industry is not all that big. For one, Bitcoin has surged to a record high even as Biden’s SEC Department has been quite aggressive. The other risk of easing regulations is that it will make the crypto industry less safe.Bitcoin has also done well as investors anticipated more rate cuts by the Federal Reserve. Analysts expect the bank to deliver several cuts in the coming meetings.
BTC/USD technical analysis(Click on image to enlarge)
The daily chart shows that the has been in a strong bull run in the past few weeks. It has remained above the ascending trendline, which connects the lowest swing since September.The pair has moved above the ichimoku cloud indicator. It has also rallied above the 50-day moving average, while the Money Flow Index (MFI) has moved above the neutral point and is nearing the overbought level.Therefore, Bitcoin has more upside as bulls target the next key resistance level at 71,880, its highest level in May and June this year. A drop below the key support level at 66,553 will invalidate the bullish view.More By This Author:
