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BTCUSD surged nearly $3000 from a low of $15632 made after the FTX collapse. Santiment reported that its shark and Whale addresses have added BTC worth $726 million in the last 9 days.BTC hits a high of $18373 yesterday and currently trading around $17722.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (Positive for BTC). The index pared some of its gains after hitting a high of 12202. Any close above 12400 will push the NASDAQ higher to 12880.
US bond yields (Bearish)- Bullish for BTC. The US 10-year yield showed a minor pullback from a minor bottom of 3.40%. The US 10 and 2-year spread widened to -75 basis points from -63.5% bpbs.
Technicals-
Major support- $16800. Any break below will take you to the next level at $15600/$14800/$13000.
Bull case-
Primary supply zone -$18500. The breach above confirms minor bullishness. A jump to the next level of $20500/$21500/$25200 is possible. Bearish invalidation only if it breaks $25000.
Secondary barrier- $25200. A close above that barrier targets $30000/$32300.
It is good to buy on dips around $16000 with SL around $13500 for TP of $21500.
