BTCUSD Forecast and Live Chart

The Bitcoin/United States Dollar pair is also referred to as BTCUSD and BTC/USD. BTCUSD is the most actively traded cryptocurrency in the world, with Bitcoin the pioneer in the cryptocurrency world. In this article, we will examine how BTCUSD is performing.

BTCUSD Key Stats

  • 2021 high: $69,000
  • 2021 low: $27,678
  • YTD high: $48,240
  • YTD low: $17,567
  • YTD % change: -52.9%

BTCUSD Forecast

BTCUSD has had a rough year, down by more than half, and it continues to slide. Given rising rates and the current technical outlook, you won’t be surprised to know that we expect further downside. The volatility of Bitcoin means we can see significant moves in price at any given time. Price is currently in a bear flag, and we expect a break of that to signal the start of a further downtrend. At the time of writing, BTCUSD has moved 6.3%, and we are looking towards its recent low at just above $17,500 as our first target. Below that, we see $16,500 as another key area of interest.

BTCUSD

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BTCUSD Fundamental Analysis

There are some that would argue BTC is not impacted by fundamentals. However, there are fundamental influences on the price of bitcoin. Bitcoin is primarily impacted by supply and demand factors and current investor sentiment. It is usually the sentiment driver of the overall cryptocurrency market, so when Bitcoin rises, in general, most other cryptos will follow.
There is also a case that higher interest rates also impact the appetite for riskier assets such as Bitcoin, and the Fed hiking aggressively to combat soaring inflation has seen Bitcoin fall significantly this year.

As we have mentioned in our analysis of FX pairs, the USD is labelled “king dollar” because of the US economic strength and the fact the USD is the world’s reserve currency. In times of economic uncertainty, investors will flock to the USD as a safe haven currency. So, given the current economic climate and rising interest rates, the case for BTC to move lower is clear.


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BTCUSD Technical Analysis

BTCUSD is clearly in a downtrend. However, it has edged higher in recent months, giving hope to some investors that the worst might be over. Nevertheless, we see the current move as another bear flag, similar to the one we saw back in May and June. Price has had no real driver to push it higher, and current market sentiment is negative, with fundamental factors such as higher interest rates and economic uncertainty weighing on the cryptocurrency leader.  At the time of writing, it is on the cusp of breaking lower.

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