Bearish view
Sell the BTC/USD pair and set a take-profit at 60,000.
Add a stop-loss at 69,000.
Timeline: 1-2 days.
Bullish outlook
Buy the BTC/USD pair and set a take-profit at 69,000.
Add a stop-loss at 60,000.
Bitcoin price rose slightly as Michael Saylor’s Strategy and Vivek Ramaswamy’s Strive announced their latest purchases. The BTC/USD pair rose to 64,585 on Tuesday morning, a few points above this week’s low of 63,200.
Strategy and Strive Continue Bitcoin Buying
In a statement on Monday, Strategy said that it continued its Bitcoin accumulation approach. It bought 520 coins valued at over $35 million last week, bringing its total holdings to 847,363.
At the same time, the company said that it boosted its cash holdings by selling shares through its at-the-market offering. It boosted its cash reserves by $300 million to $1.4 billion, a move aimed at supporting the credit quality of its digital credit securities. This happened as its STRC stock crashed last week.
Meanwhile, Strive, the publicly-traded company founded by Vivek Ramaswamy, said that it bought 759 coins for $50 million. It now holds 19,864 coins valued at over $1.2 billion. Other top Bitcoin treasury companies like MetaPlanet and Trump Media & Technology have largely paused their BTC accumulation.
Top Regulated Brokers
Bitcoin continues to experience major challenges. For one, data shows that demand for its spot Bitcoin ETFs has continued falling this month. These funds have shed over $2.1 billion in assets this month and $3 billion since January this year. That is a sign that demand from American investors has continued waning this month.
More data shows that the Coinbase Premium Index has dropped remained in the negative zone in the past few months, a sign that American investors are no longer buying it on Coinbase.
The futures open interest has continued falling in the past few weeks. After peaking at $60 billion earlier this year, the metric fell to about $49 billion.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair has slumped from last month’s high of 82,775 to the current 64,530. It has formed an ascending channel, which is part of the flag section of the bearish flag pattern. This pattern is one of the most bearish ones in technical analysis.
The pair has slumped below the 50-day and 100-day Exponential Moving Averages (EMA). Also, Bitcoin has moved to the ultimate support of the Murrey Math Lines tool.
Therefore, the most likely Bitcoin price prediction is bearish, with the next key target to watch being the year-to-date low of 59,100.
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