BTC/USD Forex Signal: Bitcoin Price Targets $95k As Demand Rises

Bullish viewBuy the BTC/USD pair and set a take-profit at 95,000.Add a stop-loss at 90,000.Timeline: 1-2 days.Bearish viewSell the BTC/USD pair and set a take-profit at 90,000.Add a stop-loss at 90,000.(Click on image to enlarge)The BTC/USD pair remained above the important resistance level at 90,000 as market participants cheered recent bullish catalysts. Bitcoin was trading at $9,778, up sharply from last month’s low of 80,300. Vanguard Crypto Embrace and Fed Chair HintsThe BTC/USD pair bounced back this week after Vanguard embraced the crypto industry. In a statement this week, the company said that it would start listing existing crypto ETFs on its platform, making them available to over 50 million customers.Bitcoin also rebounded after Donald Trump hinted that Kevin Hassett, a former Coinbase advisor, would become the next Federal Reserve Chair if he is confirmed by the Senate.Hassett is widely viewed positively because of his past support for the industry. He is also more aligned with Trump on interest rates. As such, if he succeeds in convincing other Fed officials, there are chances that rates will continue falling at a faster pace next year.Meanwhile, data shows that spot Bitcoin ETFs have continued to accumulate assets this week. They added over $100 million in new money on Wednesday, continuing a trend that started last week.There is also hope that Michael Saylor’s Strategy will not sell its coins soon, as the CEO hinted. Last Friday, he said that he would consider selling some coins to pay the dividend of its preferred stocks and debt if the mNAV dropped below 1.In a separate statement this week, he said that the company had over $1 billion in reserves to make these payments. Still, there is a risk that some of the copycats will start selling now that the business model is not working a it used to in the past. BTC/USD Technical AnalysisThe daily chart shows that the BTC/USD pair rebounded to over 93,000 this week. This was a major milestone as the coin crashed to 80,400 last week as the crypto market crash intensified.The Relative Strength Index (RSI) and the MACD indicators have pointed upwards, a sign that it is gaining momentum. However, it remains below the 50-day moving average and the Supertrend indicators.Therefore, the BTC/USD pair will likely continue rising as bulls target the psychological point at 95,000. On the other hand, a move below the support at 90,000 will invalidate the bullish outlook.More By This Author:BTC/USD Forex Signal: Bullish Engulfing Points To More Bitcoin GainsAUD/USD Forex Signal: Rises As Odds Of RBA Rate Hike JumpGBP/USD Forex Signal: Supertrend Indicator Points To A Retreat