Bitcoin Daily Outlook

BTCUSD's price showed a minor decline despite weak US PCE. US PCE YoY March cools down to 4.6% from 4.7% in Feb. BTC hits a low of $28289 and currently trading around $28521.

Major economic data

May 1st, 2023 US ISM manufacturing Index (2:00 pm GMT).

May 3rd, 2023 US ISM services PMI (2 pm GMT)

FOMC statement (6 pm GMT)

May 4th, 2023, ECB monetary policy (12:15 pm GMT)

Unemployment benefits (12:30 pm)

Factors to watch for Bitcoin price action

US markets

NASDAQ (positive correlation with BTC) - Bullish (positive for BTC). The index consolidated in a narrow range between 13240 and 12722 for the past three weeks. Any weekly close above 13250 will take the index to 13725.

According to the CME Fed watch tool, the probability of a no-rate hike in May increased to 14.5% from 9.50% 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.