FxWirePro- BTCUSD Daily Outlook

BTCUSD trades in a narrow range between $41509 and $43566 for the past five days. It hit a high of $43187 at the time of writing and is currently trading around $42671.

BTC ETF

According to data from Santiago, the largest transaction in 2024 was the transfer of BTC worth $665.3 million happened on Tuesday between 3 PM and 4 PM. According to Bloomberg ETF, almost $10 billion in BTC ETF traded in three days which is more than the combined volume of the 500 ETFs launched in 2023.

Economic data-

The New York Federal Reserve's Empire State declined 29.2 points to 43.7, the lowest level since May 2020.

Economic calendar-

US Retail sales   (1:30 pm GMT)  

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 trades flat between $16898 and $16618. for the past two days Any close above 17000 will take the index to 17500/17800.

According to the CME Fed watch tool, the probability of a no-rate cut in  Jan increased to 95.3% from 94.80% a week ago.

 Technicals-

Minor support- $41500.  Any break below will take it to the next level at $40000/$34950.

 Bull case-

Primary supply zone -$43500.  Any surge past this level confirms an intraday bullishness. A jump to $45000/$46180/$49050 is possible.      

  Secondary barrier- $50000. A close above that barrier targets $52500/$60000.

 It is good to buy on dips around $41400 with SL around $39000 for TP of $50000.