FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains made after US inflation.is trading in a narrow range ahead of US CPI data.  US CPI declined to 4.9% YoY compared to a forecast of 5%. On a monthly basis, CPI and Core CPI rose 0.40% in line with estimates. Markets eye US debt ceiling negotiations for further direction. BTC hits a low of $26100 this week and currently trading around $26395.

 Major economic data this week

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 breaks significant resistance 13250 and holds well above that level. A jump to 13725 is possible.

According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June increased to 12.9% from 0.0% a week ago.

 Technicals-

Major support- $26000.  Any break below will take it to the next level at $25000/$24300/$2000 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.