Created on October 29, 2024
Bullish scenario
Bearish scenario
- Set a sell-stop at 69,000 and a take-profit at 67,000.
- Add a stop-loss at 72,000.
The value of the Bitcoin Dollar rose and retested the important resistance point at 70,000 for the first time in months, as the chances of a Donald Trump victory increased and geopolitical risks decreased. The BTC/USD pair has entered a bull market, rising more than 30% from its lowest level in September.
Bitcoin’s rally came as the price of crude oil fell more than 4% on Monday after Israel avoided bombing Iran’s oil and gas infrastructure, as some analysts predicted. The response came amid growing pressure from the Biden administration given the proximity of the election.
Bitcoin also rose after Donald Trump held a large rally in New York, where he concluded his closing arguments. Therefore, he is highly likely to win the election, with the odds on Polymarket rising to 66%.
Donald Trump is viewed favorably by the crypto industry, meaning the coin could continue to rise if he wins.
Meanwhile, institutional investors have continued to turn to Bitcoin ETFs. Data shows that Bitcoin ETFs have crossed the 22 billion mark in inflows, indicating greater demand. One of the recent purchases was that of Emory University, which acquired ETFs worth more than $15 million.
The BTC/USD pair will react to upcoming US economic data, which will provide more information on the Federal Reserve.
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BTC/USD Technical Analysis
BTCUSD Forecast: The daily chart shows that the BTC/USD pair continued its strong growth, retesting the major resistance point at 70,000. It remained above the 50-day and 25-day moving averages, meaning the bulls are in control for now.
Bitcoin has also formed an inverted head and shoulders pattern, indicating further market upside. Furthermore, the MACD and the Percentage Price Oscillator (PPO) are trending higher in the coming months.
The Relative Strength Index (RSI) continued to rise. Therefore, the path of least resistance for the pair is bullish, with the next point to watch at 73,000 as the psychological level. A break above this level could indicate further gains, with the next target at the all-time high of 73,800.
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