BTCUSD recovered slightly after Binance CEO's positive comments. He announced that Binance to set up a recovery fund to support crypto projects in a liquidity crisis. Bitcoin lost more than 21% the previous week as the collapse of FTX forced investors to book profits. Bitcoin hits a high of $17130 at the time of writing and currently trading around $16576.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (Positive for BTC). The index recovered after hitting a low of 10611. Any close above 12000 confirms a bullish continuation.
US bond yields (Bearish)-Positive for BTC. The US 10-year yield pared some of its gains after hitting a high of 4.33%.
Technicals-
Major support- $15000. Any break below will end the bullish trend, a dip to $12795/$10000 is possible.
Bull case-
Primary supply zone -$18100 (38.2% fib). The breach above confirms minor bullishness. A jump to the next level of $18800/$19420/$20700 is possible.
Secondary barrier- $21500. A violation above that barrier targets $22800/$25200.
It is good to sell on rallies around $18000-18100 with SL around $19400 for TP of $15000.
