Bullish view
Bearish view
- Sell the BTC/USD pair and set a take-profit at 29,000.
- Add a stop-loss at 32,000.
Bitcoin had a great performance in the first half of the year. The BTC ended the period hovering at $30,000, which was double its lowest level in December last year. The BTC/USD pair was hovering at 30,000, where it has been since last week. This price is a few points below its highest level since June last year.
Bitcoin is stuck at neutral
Bitcoin has been in a tight range in the past few days as the recent bullish momentum fades. The recent momentum was mostly because of the ongoing embrace of the coin by leading companies in the financial industry.
Blackrock, the biggest asset manager in the world, applied for its iShares Bitcoin Trust, a spot ETF. Shortly after that, other companies like WisdomTree, Invesco, and Cathie Wood’s Ark Investments applied for their spot ETFs.
It is still unclear whether the SEC will accept these ETF proposals since it had rejected other proposals in the past. In a statement on Friday, the SEC chairman said that the current proposals were inadequate. Still, analysts believe that there is a high possibility that it will accept them later this year.
Looking ahead, the BTC/USD pair will likely have a muted performance and low volume on Monday since American markets will be closed. The market will also be closed on Tuesday. The volume will likely start rising in the next few days as traders position themselves for the third quarter and half part of the year.
Later this week, the pair will react to the upcoming economic data from the United States. The Bureau of Labor Statistics will publish the latest jobs numbers scheduled for Friday.
BTC/USD technical analysis
The BTC/USD pair has been in a strong bullish trend this year. On the daily chart, it is hovering near the highest level this year. It has formed a small bullish flag pattern and it remains above the 50-day moving average.
The BTC/USD pair is also hovering near the 38.2% Fibonacci Retracement level. Also, it is above the ascending trendline shown in blue. Therefore, the pair will likely remain in this range in the next few days. A move above the key resistance level at 30,932 will signal that there are more buyers in the market. If this happens, the next level to watch will be at 32,000.
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