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The pair will likely keep rising as bulls target the next key resistance at 43,000.
Bullish View
- Buy the BTC/USD pair and set a take-profit at 43,000.
- Add a stop-loss at 39,000.
- Timeline: 1 day.
Bearish View
- Set a sell-stop at 39,000 and a take-profit at 37,000.
- Add a stop-loss at 42,000.
The BTC/USD pair rebounded sharply as sentiment in the crypto industry improved. The pair rose to over 41,000 a day after it crashed to a monthly low of 38,700. Other digital coins like Ethereum, Solana, and Polkadot also jumped, with the total market cap of digital currencies soaring to over $1.9 trillion.
Crypto Sentiment Improves
The BTC/USD pair rose even as concerns about the bond market continued. US bond yields rose to their highest levels in years, with the 30-year crossing the 3.0% level for the first time since 2018. Therefore, there are concerns that the Federal Reserve will continue tightening in the coming months.
The pair also rose as American shares continued their bullish trend. The Dow Jones rose by 400 points while the Nasdaq 100 and S&P 500 indices rose by 265 and 60 points, respectively. This strength happened as more American companies published their quarterly earnings.
The earning season has been a bit weak, with most companies warning about the rising cost of doing business. In the past few months, there has been a close correlation between Bitcoin and American stocks.
The BTC/USD pair also rebounded as Russia continued to study the role of cryptocurrencies in its economy. The government is said to be finalizing a bill on digital coins in the country. Analysts expect that the country will be more open to digital coins now that its access to the foreign market is a bit limited.
The ongoing tax season in the US is also having an impact on Bitcoin prices. Most people are now filing their taxes for their holdings in 2021. Historically, cryptocurrency prices tend to show some weakness during this period.
BTC/USD Forecast
The four-hour chart shows that the BTC/USD pair has been in a strong bullish trend in the past two days. The pair rose to 41700, which was the highest level since April 11th. On the four-hour chart, it managed to move above the 25-day moving average. It also seems like it formed a double-bottom pattern while the MACD has been rising.
Therefore, the pair will likely keep rising as bulls target the next key resistance at 43,000. A drop below the support at 40,000 will invalidate the bullish view.
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