FxWirePro- BTCUSD Daily Outlook

BTCUSD is trading flat after a more than $6000 jump the previous week. It hit a high of $48600 yesterday and is currently trading around $ 47799.

The inflow into BTC ETF jumped sharply the previous week to $1194 million, the highest since launch.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ surged more than 5% this month on positive earnings reports. Any break above 18000 will take the index to 18200/18500.

 According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 82.50% from 80% a week ago.

 Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the daily chart.

Minor support- $46000  Any break below will take it to the next level at $45000/$43000/$42500/$41700.

 Bull case-

Primary supply zone -$50000.  Any surge past this level confirms an intraday bullishness. A jump to $52000/$55000 is possible.      

  Secondary barrier- $60000. A close above that barrier targets $69000.

 It is good to buy on dips around $45000 with SL around $43500 for TP of $50000/$52500.