FxWirePro- BTCUSD Daily Outlook

BTCUSD traded higher for the third consecutive week and jumped more than $6500 on upbeat market sentiment. US PCE gauge for inflation came at 4.4% YoY, compared to a forecast of 4.7%. Markets expect Fed to halt the 50 bpbs rate hike in the fed policy meeting this week. It hits a high of $23796 and is currently trading around $23192

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 a minor pullback above 200-day EMA. Any consecutive close above 12110 will push the NASDAQ to 12350/12600.

US bond yields (Bearish)- Bullish for BTC. The US 10-year yield gained more than 7% after hitting a multi-week low of 3.32%. Any break and close above 3.69% confirms minor bullishness. The yield spread between 10 and 2-year narrowed to -70.5 basis points from -77 bpbs.

Technicals-

Major support- $22700. Any break below will take you to the next level at $20000/$19570.

Bull case-

Primary supply zone -$24000. The breach above confirms minor bullishness. A jump to the next level of $24650/$25680 is possible.   

 Secondary barrier- $26000. A close above that barrier targets $30000/$32375.

It is good to buy on dips around $21000 with SL around $19600 for TP of $25000/$26000.