BTCUSD traded higher and jumped more than $4000 in two days. US PPI for Jan came at 0.70% mom, above the estimate of 0.40%. The yearly PPI rose to 6% in Jan vs 5.4%. The number of people who have filed for unemployment benefits dropped to 194K vs. the 200K estimates.BTC hits a high of $24895 at the time of writing and currently trading around $24512.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index pared its gains after a minor jump to 12906. Any close above 13040 will push NASDAQ higher to 13727.
The US 10-year yield trades higher after an upbeat US PPI. Any daily close above 3.81% targets $3.95%. The US 10 and 2-year spread widened to -84 basis points from -76% bpbs.
Technicals-
Major support- $23700. Any break below will take to the next level at $23300/$22600 if possible.
Bull case-
Primary supply zone -$25100. The breach above confirms minor bullishness. A jump to the next level of $30000/$33000 is possible. Bearish invalidation only if it breaks $25000.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to buy on dips around $24000 with SL around $22600 for TP of $30000.
