Bullish view
Buy the BTC/USD pair and set a take-profit at 67,000.
Add a stop-loss at 60,000.
Timeline: 1-2 days.
Bearish view
Sell the BTC/USD pair and set a take-profit at 60,000.
Add a stop-loss at 67,000.
Bitcoin price has moved sideways in the past few days, even as American investors have continued allocating cash to spot ETFs. The BTC/USD pair was trading at 64,790 on Monday, inside a range where it has been at in the past few weeks.
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Spot Bitcoin ETF Inflows are Rising
The BTC/USD pair has held steady in the past few weeks, even as US investors have continued adding assets to these funds. Data shows that these funds added over $98 million in assets on Friday, bringing the weekly assets to over $853 million in inflows. This is a big jump from last month’s $172 million.
BlackRock’s IBIT ETF now holds $48 billion in assets, while Fidelity’s FBTC holds $11.2 billion. Grayscale’s GBTC and BTC ETFs have accumulated of over $8.6 billion and $3.83 billion in assets. Bitcoin’s futures open interest has also continued rising, while the supply of BTC in exchanges has continued falling.
The BTC/USD pair wavered even after the US published the latest non-farm payrolls (NFP) report. These numbers showed that the economy lost over 23k jobs last month, raising odds that the Federal Reserve will not hike interest rates later this year.
Bitcoin also remained in a tight range after the Senate failed to pass the CLARITY Act, the most important piece of legislation in the industry. In a statement, the Senate Majority Leader said that the senate will vote for the bill in September. Odds of the bill becoming law this year have dropped on Polymarket.
BTC/USD Technical Analysis
Bitcoin has moved sideways in the past few months. It is consolidating along the 50-day Exponential Moving Average (EMA). Also, the pair’s Bollinger Bands have continued narrowing, a sign that volatility has retreated.
The Relative Strength Index (RSI) has continued rising in the past few weeks and is now above the neutral level of 50. Therefore, the pair will likely continue rising gradually in the next few days, helped by the rising odds that the Federal Reserve will cut or leave interest rates in the coming months.
A bullish breakout will push it to the key resistance level of 67,000. A drop below the support level of 60,000 will invalidate the bullish outlook.
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