Bullish view
Top Regulated Brokers
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 remained on edge on Monday morning as investors reacted to the actions from the Federal Reserve and the activity in US ETFs. The BTC/USD pair was trading at 63,430, where it has been stuck at in the past few weeks.
Bitcoin ETF Outflows Rise
The BTC/USD pair wavered as investors reacted to the recent activity in the ETF market. Data shows that spot ETFs shed over $265 million in assets on Friday, erasing the gains made on Wednesday and Thursday this week. Most of these outflows were from BlackRock’s IBIT, which shed over $122 million on Friday. Others were from Fidelity’s $54 million and Grayscale’s $52 million.
In total, spot Bitcoin ETFs had over $172 million in inflows last month, a reversal after these funds lost close to $7 billion in assets in May and June this year. These funds have had over $51 billion in cumulative inflows and now holds $76 billion in assets.
The BTC/USD pair has remained inside a narrow range after the Federal Reserve delivered its interest rate decision. The bank decided to leave rates unchanged and hinted that it may need to hike interest rates later this year. Bitcoin and other risky assets tend to underperform the market whenever the Fed is hiking interest rates.
Bitcoin also wavered as investors reacted to the falling odds that the CLARITY Act will be passed in the Senate and signed into law. Odds of this bill passing have dropped substantially in the past few days.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair has been in a narrow range in the past few months. It has remained slightly above the 60,000 level and is slightly below the 50-day Exponential Moving Average (EMA).
The pair has moved slightly below last month’s high of 67,000. At the same time, the Relative Strength Index (RSI) has dropped below the neutral level of 50. Therefore, the pair will likely remain in this range in the coming days. More gains will be confirmed if the pair moves above the key resistance level of 67,000. The alternative is where it moves to last month’s low of 57,000.