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BTCUSD prices pared some of its gains ahead of US FOMC monetary policy. Any hawkish comments from the Fed will drag the BTC prices down. It hit a low of $42340 and is currently trading around $ 42437.
The outflow from Grayscale's BTC ETF drops 25% from $255 million on Jan 26th to $641 million on Jan 22nd, 2024.
US CB consumer confidence in Jan rose to a two-year high of 114.8 in Jan, compared to a forecast of 114.20.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared most of its gains despite upbeat earnings from Microsoft. Any break below 17240 will drag the index to 17000.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan unchanged at 97.9% from 97.90% a week ago.
Technicals-
BTCUSD trades above the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the daily chart.
Minor support- $42000. Any break below will take it to the next level at $41400/$40700/$38500.
Bull case-
Primary supply zone -$44000. Any surge past this level confirms an intraday bullishness. A jump to $45000/$46180/$49050 is possible.
Secondary barrier- $50000. A close above that barrier targets $52500/$60000.
It is good to buy on dips around $42000 with SL around $40700 for TP of $50000.
