Bullish view
Buy the BTC/USD pair and set a take-profit at 85,000.
Add a stop-loss at 80,000.
Timeline: 1-2 days.
Bearish view
Sell the BTC/USD pair and set a take-profit at 80,000.
Add a stop-loss at 85,000.
Bitcoin price remained above $82,000 as investors reacted to the ongoing ETF inflows and buying spree by Strategy and Strive. BTC/USD was trading at 82,040, up by 41% from the year-to-date low.
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Bitcoin ETF Inflows Are Rising
BTC/USD price held steady as investors embraced a risk-on sentiment on Monday. US stocks jumped, with the Nasdaq 100 and S&P 500 rising by 290 and 10 points, respectively, while the dollar index fell by 17 basis points.
Investors continued buying Bitcoin ETFs, with their inflows jumping by $526 million. This increase has narrowed the monthly outflows to $90 million, bringing the cumulative inflows since their start to $57.4 billion. Rising inflows is usually a sign of rising demand.
Bitcoin is also rising as investors react to the ongoing Bitcoin purchases by Strategy and Strive. Strategy bought 267 Bitcoin worth over $22.1 million last week, bringing its total holdings to 848,517. Strive also continued buying Bitcoin and now holds 36,818, making it the fourth-biggest holder after Strategy, Metaplanet, and Twenty One Capital.
Still, Bitcoin has some potential risks ahead. One of them is that crude oil prices have resumed their upward trend, with Brent and the West Texas Intermediate (WTI) rising to $109.6 and $98.5, respectively.
Higher oil prices mean that inflation will continue rising, which will have an impact on the bond market and the Fed. Indeed, US bond yields have started rising recently, a risky thing for Bitcoin, which is a non-yielding asset.
BTC/USD Technical Analysis
Technically, Bitcoin has remained above the 50-day Exponential Moving Average (EMA) and the Major S/R pivot point of the Murrey Math Lines tool. This performance is a sign that the recent upward trend is still intact despite the ongoing pullback.
Bitcoin has also formed a falling wedge pattern, which is made up of two falling and converging trendlines. These two trendlines are nearing their confluence zone. Therefore, there is a likelihood that the coin will bounce back, potentially to the key resistance of 85,000. A drop below the support of 80,000 will invalidate the bullish outlook.
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