FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD hits a time high due to an increase in safe-haven demand. The decrease in the chance of a rate cut by the Fed also supports the crypto markets at lower levels. It hit a high of $72900 yesterday and is currently trading around $72065.

According to Coin Shares International, a record of $2.7 billion flowed into BTC from Jan 11th, 2024.

Factors to watch for Bitcoin price action- 

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high in hopes of rate cuts by the Fed. Any close above 18350 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar decreased to 95% from 96% 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- $67000.  Any break below will take it to the next level at $64800/$63000/$59300.

 Bull case-

Primary supply zone -$73000.  Any close above confirms a bullish continuation. A jump to $75000/$80000 is possible.      
    
  Secondary barrier- $80000. A close above that barrier targets $100000.

 It is good to buy on dips around $70000 with SL around $64800 for TP of $80000/$85000.