BTC/USD sees high volatility, with potential rebound; bearish target at 60,000, bullish at 68,000. Influenced by profit-taking, Fed's decision, and ETF inflows.

Bullish view

• Buy the BTC/USD pair and set a take-profit at 68,000.
• Add a stop-loss at 62,000.
• Timeline: 1-2 days.

Bearish view

• Set a sell-stop at 63,500 and a take-profit at 60,000.
• Add a stop-loss at 65,000.

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Bitcoin price has been highly volatile this week as some investors started to take profits after the recent spectacular bull run. The BTC/USD pair crashed hard to a low of 62,402 on Tuesday, much lower than the year-to-date high of 73,816.

Profit-taking continues

Bitcoin has been one of the best-performing assets since January 2023 as it jumped from last year’s low of less than $20,000 to a high of $73,000. It has outperformed commodities like gold and silver and American indices like the Dow Jones, Nasdaq 100, and S&P 500 indices.

Bitcoin has faced numerous tailwinds. The Securities and Exchange Commission (SEC) has approved eleven spot Bitcoin ETFs. Recent data shows that these ETFs have seen substantial inflows from institutional investors.

The iShares Bitcoin ETF (IBIT) has added over $15 billion in assets while the Fidelity Wise Origin Bitcoin ETF has more than $6.5 billion. Other Bitcoin ETFs from companies like Ark Invest and Bitwise have also seen substantial inflows.

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