FxWirePro- BTCUSD Daily Outlook

BTCUSD witnessed a panic sell-off on negative market sentiment. The market cap of Crypto has fallen below $1 trillion for the first time in six months. Despite the recent crash in the Crypto market, whales have added over $1.5 billion BTC in the past two weeks. BTC hit a low of $24920 and is currently trading around $25795.

Major economic data for the week

Sep 13, 2023, US CPI m/m (12:30 pm GMT)

Sep 14, 2023, ECB Main Refinancing rate  (12:15 pm GMT)

Core PPI m/m (12:30 pm GMT)

Core Retail sales

US Jobless claims

Sep 15, 2023, US Empire State Manufacturing Index (12:30 pm GMT)

                          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 90 -the day correlation dropped to almost zero. Any weekly close above 16000 will take the index to 17000.

According to the CME Fed watch tool, the probability of a no-rate hike in Sep decreased to 93% from 94% a week ago.

Technicals-

Major support- $24750.  Any break below will take it to the next level at $23300/$22000/$20000 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 $24000 with SL around $22000 for TP of $35000/$40000.