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BTC/USD Forex Signal: Extremely Bullish Above $37,950

Bitcoin continued its recovery in the overnight session, helped by the positive crypto news. 

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    Bullish view

    • Buy the BTC/USD pair and set a take-profit at 39,000.
    • Add a stop-loss at 36,000.
    • Timeline: 1-2 days.

    Bearish view

    • Set a sell-stop at 37,000 and a take-profit at 36,000.
    • Add a stop-loss at 38,000.

    Bitcoin price staged a relief rally as traders reflected on several important developments in the industry. The BTC/USD pair jumped to a high of 37,635, the highest point in more than a month. It is nearing the year-to-date high of 37,950.

    Important Bitcoin news

    Bitcoin price rose as traders reacted to several important news. First, the coin jumped after Argentina voted for Javier Milei to be the next president. He is a libertarian who believes in cryptocurrencies. He has also pledged to drastically reduce the size of the country’s government.

    The other news was a report that Binance was prepared to settle with the Securities and Exchange Commission (SEC). According to Bloomberg, the company was prepared to pay as much as $4 billion to end the lawsuit thar the SEC brought a few months ago.

    Binance has been under scrutiny in the past few months as regulators accused it of offering unregistered securities and facilitating money laundering. In addition to the SEC, the Commodity Futures Trading Commission (SEC) has also sued the company for offering derivatives against the law.

    Bitcoin also rose after Bullish, a cryptocurrency exchange, decided to buy Coindesk from Digital Currency Group. The purchase price was not mentioned.

    Further, the BTC/USD pair rose as the US dollar index (DXY) plunged to the lowest level in months. It has dropped by more than 3% from the highest point this year as investors predict on the next action by the Federal Reserve.

    Most analysts expect the Fed to maintain its interest rates at the current level and then start cutting them in 2024. The Fed will publish minutes of this month’s meeting on Wednesday. Bitcoin and other risky assets do well when the Fed is a bit dovish.

    BTC/USD technical analysis

    Bitcoin continued its recovery in the overnight session, helped by the positive crypto news. It was trading at 37,620, a few points below the year-to-date high of 37,950. It has also formed an ascending channel, which is shown in black. Also, it has remained above the 25-period and 50-period moving averages.

    The Relative Strength Index (RSI) moved above 60 while the MACD rose above the neutral point. Therefore, Bitcoin’s upside will be confirmed if it moves above the resistance at 37,960. If this happens, it will likely rise to the next resistance point at 39,000.

    BTC/USD

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    Crispus Nyaga
    About Crispus Nyaga
    Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube, Capital.com, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.

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