BTCUSD trades in a narrow range between 25800 and 27666 for the past 10 days. Market eagerly awaits progress in US debt ceiling negotiations talks between US President and Mcgrathy. Any debt default by the US will drag crypto markets further down. BTC hits an intraday high of $27478 and currently trading around $27295.
Major economic data this week
May 23rd, 2023, US Flash manufacturing and services PMI (1:45 pm GMT)
New home sales (2:00 pm GMT)
May 24th, 2023, FOMC Meeting minutes (6 pm GMT)
May 25th 2023, US Prelim GDP Q/Q (12:30pm GMT)
US unemployment claims
Pending home sales (2 pm GMT)
May 26th, 2023, US Core PCE index m/m (12:30 pm GMT)
Core Durable goods order m/m (12:30 pm GMT)
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC) - Bullish (positive for BTC). The index hits an 8-month high on upbeat market sentiment. Any weekly close above 13750 will take the index to 15000.
According to the CME Fed watch tool, the probability of a no-rate hike in June increased to 86.2% from 84.50% a week ago.
Technicals-
Major support- $25800. 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.
