FxWirePro- Bitcoin Daily Outlook

BTCUSD showed a minor sell-off after the FOMC meeting minutes. It hit a low of $50650 yesterday and is currently trading around $51597.

Fed minutes show that rates are at their peak and not to go for an early rate cut until inflation cools down.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor pullback after an upbeat Nvidia earnings. Any break below 17300 will take the index to 17200/17000.

According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 93.50% from 90% 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- $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.