TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

BTC/USD outlook: Bulls hold grip, but risk of profit-taking after ETF approval exists

BTC/USD outlook: Bulls hold grip, but risk of profit-taking after ETF approval exists
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin regained traction after a shallow pullback and jumped near new multi-month high (47934, posted last Tuesday) after receiving fresh boost from eventual approval of spot bitcoin exchange-traded funds.

Technical picture on daily chart is bullish and the sentiment is positive, setting scope for push through 48000 and acceleration towards target at 48484 (Fibo 61.8% retracement of 68911/15437, 2021/2022 fall).

Caution of possible ‘buy the rumors -sell the facts’ scenario, as investors may take profits after expectations of ETF approvals already inflated the price.

Rising 10DMA offers first support at 44982, followed by 20DMA at 43974, with deeper dip expected find ground above 42300/42000 zone to keep larger bulls in play and guard pivotal supports at 40000 zone (recent range floor / psychological).

Res: 47711; 47934; 48197; 48484.
Sup: 45596; 44982; 43974; 43179.

BTCUSD

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

More from Slobodan Drvenica
Share:

Editor's Picks

XRP recovery stalls as Ripple and Robinhood expand partnership scope

XRP recovery stalls as Ripple and Robinhood expand partnership scope

Technically, XRP is still in the woods, with the 50-day EMA limiting the token’s recovery potential. Ripple (XRP) faces short-term hurdles, trading around $1.33 on Wednesday.

Bitcoin reclaims $81,000 as traders await Fed policy decision, Big Tech earnings

Bitcoin reclaims $81,000 as traders await Fed policy decision, Big Tech earnings

Bitcoin reclaims $81,000 on Wednesday, extending its recovery as investors await the Fed’s policy decision and upcoming Big Tech earnings. Spot Bitcoin ETFs record an inflow of $175.99 million on Tuesday, marking a second consecutive day of inflows.

Crypto Today: Bitcoin, Ethereum, XRP recover ahead of Fed decision

Crypto Today: Bitcoin, Ethereum, XRP recover ahead of Fed decision

Bitcoin has renewed its advance above $81,000 on Wednesday, lifting sentiment across the cryptocurrency market ahead of the upcoming Fed's interest rate decision. Ethereum follows in Bitcoin’s footsteps. Ripple is similarly edging higher above $1.33.

Pi Network stalls as Core Team expands investment fund to Axis Robotics

Pi Network stalls as Core Team expands investment fund to Axis Robotics

Pi Network hovers around $0.0766 on Wednesday, holding steady after a roughly 2% rebound on Monday. Axis Robotics officially confirmed that it has received seed investment from Pi Ventures, which focuses on the technical integration of AI and robotics.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.