FxWirePro- BTCUSD Daily Outlook

BTCUSD trading flat after upbeat US Non-Farm Rolls. The US economy has added 216000 jobs in Dec, above expectations of 168K. Unemployment rate unchanged at 3.7% vs. Estimate of 3.8%. It hit a low of  $43200 at the time of writing and is currently trading around $44128.

BTC ETF

Bloomberg reports that the SEC will approve the Jan 10th deadline. Spot BTC applicants filed 19b-4s and S-1s for ETF approvals.

Major Economic data for the week

Economic calendar -

Jan  11th, 2024, US CPI m/m    (1:30 pm GMT)

Jan 12th, 2024, US Core PPI m/m  (1:30 pm GMT)

                               UK GDP m/m

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The 60-day correlation between Bitcoin and NASDAQ 100 turned negative, according to data from Kaiko. The NASDAQ is trading below the 21-day EMA. Any close below 16000 will drag the index to 15695/14910.

  According to the CME Fed watch tool, the probability of a no-rate cut in  Jan increased to 95.3% from 82.40% a week ago.

 Technicals-

Minor support- $43200.  Any break below will take it to the next level at $42500/$41590/$40700/$34750/$33800.

 Bull case-

Primary supply zone -$46000.  Any surge past this level confirms a bullish continuation. A jump to $48000/$50000 is possible.      

  Secondary barrier- $50000. A close above that barrier targets $52000/$56600.

 It is good to buy on dips around $42500 with SL around $39800 for TP of $50000.