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BTCUSD has been consolidating in a narrow range between $52890 and $50642 for the past four days. It hit a high of $52501 at the time of writing and is currently trading around $52392.
Bitcoin whales have accumulated at the highest level in the past 20 months.BTC whales holding between 1000 and 10000 BTC added 248900 coins in 2024. The massive inflows in BTC ETF also support Bitcoin at lower levels.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor sell-off due to profit booking. Any daily close 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 89.5% from 81% a week ago.
Technicals-
BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the daily chart.
Minor support- $50000. Any break below will take it to the next level at $48300/$47800/$46000.
Bull case-
Primary supply zone -$53000. Any close above confirms a bullish continuation. A jump to $55000/$60000 is possible.
Secondary barrier- $60000. A close above that barrier targets $69000.
It is good to buy on dips around $50000 with SL around $48000 for TP of $60000.
