FxWirePro- BTCUSD Daily Outlook

BTCUSD continued to trade higher and jumped more than $9000 this week. It hit a high of $59508 at the time of writing and is currently trading around $59371.

The nine new BTC ETFs have accumulated 300k worth $17 billion in less than two months since their debut on Jan 11th, 2024. Micro strategy has purchased an additional 3000 BTC worth $155 million and now holds 193000. 

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ is consolidating in a narrow range after hitting an all-time high of 18091. Any weekly close above 18000 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 99.50% from 90% a week ago.

 Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the daily chart.

Minor support- $57000.  Any break below will take it to the next level at $55000/$53980/$53000/$50000.

 Bull case-

Primary supply zone -$60000.  Any close above confirms a bullish continuation. A jump to $69000/$75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000.

 It is good to buy on dips around $57000 with SL around $53980 for TP of $69000.