BTCUSD trades in a narrow range between $31458 and $29508 for the past ten days. The Crypto markets remained calm despite weak US Non-farm payroll data. The US economy added 209000 jobs in June, the lowest since Dec 2020. BTC hits a low of $29722 and currently trading around $30169.
Major economic data for the week
Jul 12th, 2023, US CPI m/m (12:30 pm GMT)
BOC Monetary policy (2:00 pm GMT)
Jul 13th, 2023, Core PPI m/m (12:30 pm GMT)
Jul 14th, 2023, Prelim UoM consumer sentiment
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC) - Bullish (neutral for BTC). The correlation between Bitcoin and NASDAQ diverged and 40 -the day correlation dropped to 0.19. Any weekly close above 15300 will take the index to 15500/16000.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 92.40% from 86.80% a week ago.
Technicals-
Major support- $27500. Any break below will take it to the next level at $25000/$23800/$23300 if possible.
Bull case-
Primary supply zone -$32000. The breach above confirms minor bullishness. A jump to the next level of $36300/$40300/$41349 is possible.
Secondary barrier- $42600. A close above that barrier targets $48800/$50000.
It is good to buy on dips around $27500-600 with SL around $24500 for TP of $35000/$40000.
