FxWirePro- BTCUSD Predictions

BTCUSD holds above $20000 on upbeat market sentiment. The weak US economic data and surging inflation could dampen aggressive rate hikes by Fed. It hits a high of $21178 at the time of writing and currently trading around $21046.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Mixed (neutral for BTC). The index is consolidating after a minor pullback. Any close above 12200 confirms a bullish continuation.

US bond yields (Bullish)-Negative for BTC.  US 10-year yield gained more than 8% from the minor bottom 3%.

Technicals-

Major support- $19980. Any break below will bring an end to the bullish trend, a dip to $17000/$15000 is possible.

Bull case-

Primary supply zone -$21520 (200-H MA). The breach above confirms minor bullishness. A jump to the next level of $23000/$24850/$25400/$27000 is possible.          

 Secondary barrier- $32500. A violation above that barrier targets $37000/$40000.

It is good to buy on dips around $20000 with SL around $17000 for TP of $30000.