FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a nice recovery on the upbeat market mood. It hit a high of $67645 yesterday and is currently trading around $66826.

In Mar 5th, 2024 announcement, Microstrategy planning to raise $700 million to buy more Bitcoin. Rumors in social media that Tesla might have bought 1000 BTC recently also support Bitcoin at lower levels.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor pullback after dovish Fed Powell's testimony. Any close above 18350 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar decreased to 95% from 96% 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- $65000.  Any break below will take it to the next level at $63000/$61500/$59300.

 Bull case-

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

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

 It is good to buy on dips around $60000 with SL around $57000 for TP of $69000.