FxWirePro- BTCUSD Daily Outlook

BTCUSD is trading in a narrow range ahead of US CPI data.  Markets expect inflation to rise by 0.40% m/m from 0.10% the previous month. Any lower-than-expected US CPI will push BTC prices above $30000. BTC hits a low of $27390 this week and currently trading around $28680.

 Major economic data this week

May 10th, 2023 US CPI m/m  (12:30 pm GMT)

 May  11th, 2023  BOE Monetary policy (11 am GMT)   

                                US PPI   (12:30 pm GMT)

                               Unemployment benefits (12:30 pm)

May 12th, 2023, Prelim UoM Consumer Sentiment (2 pm GMT)

Factors to watch for Bitcoin price action- 

  US markets -

 NASDAQ (positive correlation with BTC) - Bullish (positive for BTC). The index is in consolidating phase for the past five weeks. Any weekly close above 13300 will take the index to 13725.

 According to the CME Fed watch tool, the probability of a no-rate hike in June decreased to 79.30% from 84.50% 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.