Bearish view

• Sell the BTC/USD pair and set a take-profit at 98,950.
• Add a stop-loss at 106,800.
• Timeline: 1-2 days.

Bullish view

• Buy the BTC/USD pair and set a take-profit at 106,800.
• Add a stop-loss at 98,950.

(Click on image to enlarge)

The BTC/USD pair rebounded after to over 104,000 as crypto investors bought the dip following the recent plunge. Bitcoin was trading at $104,300 on Thursday as investors waited for the next key catalyst.
 

Bitcoin Price Rises After Tariff Hearing

Bitcoin and the stock market bounced back as traders watched the Supreme Court hearing on Donald Trump's tariffs on Wednesday.

While the court has not made a ruling, the questioning pushed analysts to predict that it will rule against Donald Trump. Such a move will be welcomed by the market as these tariffs have contributed to the high inflation environment.

The BTC/USD pair also rose after the US released strong macro data on Wednesday. A report by ADP showed that the private sector returned to growth in October as it added over 42,000 jobs. This was a big rebound after the sector shed 32,000 jobs in the previous month.

More reports by ISM and S&P Global showed that the services sector, which is the biggest in the US, continued growing in October. The two numbers came in above 50, which is a positive thing.

Still, there is a risk that the ongoing crypto market rally is part of a dead-cat bounce, which is a situation where a falling asset bounces back briefly as investors buy the dip and then resumes the downtrend.

The next important catalyst for Bitcoin will be statements by several Federal Reserve officials who will provide more information on what to expect in the next meeting.
 

BTC/USD Technical Analysis

The daily timeframe chart shows that the BTC/USD pair crashed and bottomed at a low of 98,960 on Tuesday. This was an important price as it coincides with the lowest level in June this year. It is common for an asset to bounce back briefly after hitting a crucial support level.

The pair also bounced back after hitting the 50%Fibonacci Retracement level. Still, it remains below the 50-day and 100-day Exponential Moving Averages (EMA) and the key resistance level at 106,815, its lowest level in August and the lower side of the double-top pattern.

Therefore, the pair will likely resume the downward trend and possibly retest the key support level at 98,958. A move below that level will point to more downside, potentially to the key support at 95,000.

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