BTCUSD's price declined more than $4000 on risk aversion. The Fed reserve official Michelle Bowman reiterated that inflation is "far above" the Fed target of 2%. BTC hits a low of $27140 and currently trading around $27406.
Markets eye US FOMC meeting minutes for further direction.
Major economic data for the Week
Apr 25th, 2023 US CB consumer confidence (2 pm GMT).
US New Home Sales
Richmond Manufacturing Index
Apr 27th US Advance GDP Q/Q (12:30 pm)
US initial jobless claims
Apr 28th US Core PCE price index m/m
Chicago PMI
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. Any close above 13250 will take the index to 13725.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May increased to 88.60% from 85.20% a week ago.
Technicals-
Major support- $27000. Any break below will take it to the next level at $26600/$25000 is possible.
Bull case-
Primary supply zone -$30000. The breach above confirms minor bullishness. A jump to the next level of $37000/$43200/$48500 is possible.
Secondary barrier- $52200. A close above that barrier targets $60000/$69000.
It is good to buy on dips around $25000 with SL around $23000 for TP of $30000.
