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FxWirePro- Major Crypto levels and bias summary 
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FxWirePro- Major Crypto levels and bias summary 
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.
