Bullish view
- Buy the BTC/USD pair and set a take-profit at 110,000.
- Add a stop-loss at 100,000.
- Timeline: 1-2 days.
Bearish view
- Sell the BTC/USD pair and set a take-profit at 100,000.
- Add a take-profit at 110,000.
The BTC/USD pair has remained in a tight range in the past few days as the recent momentum faded. Bitcoin price was trading at $105,000 on Thursday, down from the year-to-date high of 111,900.
BTC has pulled back despite the rising demand from institutional investors. Data shows that spot Bitcoin ETFs added over $378 million in assets on Tuesday, bringing the cumulative total to $44.48 billion. The total value traded stood at over $2.87 billion, with the iShares Bitcoin ETF (IBIT) being the most active.
More companies have continued buying Bitcoin in the past few days. Trump Media plans to buy coins worth over $2.5 billion, while GameStop has started to accumulate. GME has more room to boost its Bitcoin purchases since it has one of the best balance sheets in the retail industry without any debt.
More companies will likely continue buying more Bitcoin in the coming months after seeing Strategy’s success.
Bitcoin’s supply continues to fall, with data showing that supply on exchanges has dropped to the lowest point in over seven years.
The BTC/USD pair reacted mildly to the latest US jobs data. A report by ADP showed that the country added fewer jobs than expected in May as the fallout from Donald Trump’s tariffs continued. Employers added just 37k jobs, much lower than the previous month’s 60k.
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The next potential catalyst for Bitcoin will be the upcoming US nonfarm payroll (NFP) data on Friday. Economists expect the data to reveal that the economy added 130k in May after creating 177k jobs in the previous month.
BTC/USD technical analysis
The daily chart shows that the BTC/USD pair has retreated in the past few days, moving from a high of 111,900 to 105,000 today. It has formed a cup-and-handle pattern, a popular bullish continuation sign. It has a depth of about 30%, meaning that the target price is about $144,000.
Bitcoin has moved above the 50-day Exponential Moving Average, while oscillators like the RSI and the MACD have pointed downwards. It is also forming a bullish flag pattern, a popular continuation sign.
Therefore, the pair will likely continue rising as bulls target the key resistance point at 111,900. A move below the support at 100,000 will invalidate the bullish outlook.
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