BTCUSD's surged more than 3% yesterday despite the First Republic collapse. BTC hits a high of $28880 and currently trading around $28680.
The decline in US regional banking shares has increased demand for safe-haven assets like BTC, and gold.
Major economic data
May 3rd, 2023 US ISM services PMI (2 pm GMT)
FOMC statement (6 pm GMT)
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 on banking turmoil. Any weekly 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 decreased to 86.7% from 93.20% a day ago.
Technicals-
Major support- $27000. Any break below will take it to the next level at $25000/$24300 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.
