Fundamental approach:
- Bitcoin prices reached a 2-week high as easing geopolitical risks revived risk-on sentiment, though ETF outflows persist.
- BTCUSD breached a key short-term level amid renewed buying interest, yet spot bitcoin ETFs recorded net outflows of 131.2 mln USD, with CryptoQuant citing persistently negative demand.
- A hawkish signal from the Fed at the upcoming FOMC meeting may cap further upside for BTCUSD.
Technical approach:
- After retesting the resistance at 67250, BTCUSD corrected toward both EMAs. The price is above golden-crossed EMAs, indicating a potential shift to an uptrend.
- If BTCUSD breaks above 67250, it may surge toward the next resistance levels at 69000 and 72500.
- Conversely, remaining below 67250 may prompt a retest of both EMAs.
Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness
- Bitcoin prices reached a 2-week high as easing geopolitical risks revived risk-on sentiment, though ETF outflows persist.
- BTCUSD breached a key short-term level amid renewed buying interest, yet spot bitcoin ETFs recorded net outflows of 131.2 mln USD, with CryptoQuant citing persistently negative demand.
- A hawkish signal from the Fed at the upcoming FOMC meeting may cap further upside for BTCUSD.
Technical approach:
- After retesting the resistance at 67250, BTCUSD corrected toward both EMAs. The price is above golden-crossed EMAs, indicating a potential shift to an uptrend.
- If BTCUSD breaks above 67250, it may surge toward the next resistance levels at 69000 and 72500.
- Conversely, remaining below 67250 may prompt a retest of both EMAs.
Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness
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