Bullish View

• Buy the BTC/USD pair and set a take-profit at 104,200.
• Add a stop-loss at 90,000.
• Timeline: 1-2 days.

Bearish View

• Sell the BTC/USD pair and set a take-profit at 93,000.
• Add a stop-loss at 104,000.

(Click on image to enlarge)

Bitcoin price held steady around the $100k level as technicals pointed to more gains in the coming weeks. The BTC/USD pair was trading at 100,000 on Monday morning, bringing its year-to-date gains to 130%, beating the S&P 500 and Nasdaq 100 indices.

There are signs that Bitcoin is seeing more demand, especially from institutional investors. Data shows that all spot ETFs have had inflows in the past seven consecutive days, with Blackrock’s IBIT having the most assets.

These funds have had cumulative net inflows of over $33.43 billion, bringing their total holdings to over $112 billion. Data also shows that the volume of these funds traded daily is also rising.

More demand has come from companies. MicroStrategy, the biggest Bitcoin holder has continued to buy more coins, pushing its total holdings to over 400,000. Marathon Digital, the biggest mining company has also continued to buy more coins.

There are signs that more mainstream companies will start to buy coins. Microsoft, the third-biggest company in the world, could add Bitcoins into its treasuries if its shareholders vote for that soon.

Analysts believe that countries could start to accumulate Bitcoin as a strategic reserve asset. The US could become one of those countries after Donald Trump appointed David Sachs to be the next crypto czar.
 

BTC/USD Technical Analysis

Bitcoin price has been in a strong rally this year, making it a better performer than most mainstream assets.

On the daily chart the BTC/USD pair has remained above the 50-day and 100-day Exponential Moving Averages, meaning that bulls are still in control.

However, oscillators show that the pair is losing momentum. The Relative Strength Index (RSI) has dropped below the overbought level of 70, forming a bearish divergence. Also, the Percentage Price Oscillator (PPO) has pointed downwards.

Therefore, the pair will likely remain in this range on Monday. More Bitcoin gains will be confirmed if it resumes the uptrend and rises above the key resistance point at 104,170, its highest level this year.

A drop below the 25-day moving average point at 93,800 will invalidate the bullish view and point to more downside.

More By This Author:

MongoDB Stock Price Forms Golden Cross Nears Ahead Of Earnings
BTC/USD Forex Signal: Bitcoin Path To $100k Is Intact
BTC/USD Forex Signal: Bullish Pennant Points To A Bullish Breakout