BTCUSD lost its shine after SEC action against Binance and Coinbase law violations. Bitcoin lost more than 10% from a minor top of $29850.BTC hits an intraday low of $25634 and currently trading around $25970.
Bitcoin's Whales have added more than $57578 BTC during the past month. It has increased the chance of a minor price rise in Bitcoin.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC) - Bullish (positive for BTC). The correlation between Bitcoin and NASDAQ diverged and 40 -the day correlation dropped to 0.19. Any weekly close above 14700 will take the index to 15000.
According to the CME Fed watch tool, the probability of a no-rate hike in June increased to 73.6% from 70.1% a day ago.
Technicals-
Major support- $25000. Any break below will take it to the next level at $24300/$20000 if 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.
