FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a massive rally of more than  $8000 in the past two weeks. It hit a high of $35198 yesterday and is currently trading around $34294.

The demand for safe-haven assets like gold and Crypto has increased due to the escalation of war between Israel and Hamas. The listing of Black rock shares on DTCC and Grayscale's victory over S=US SEC also supported the BTC at lower levels.

Major Economic data for the week

Oct 24th, 2023, USD Flash manufacturing PMI (1:45 pm GMT)

                         Richmond Manufacturing Index (2:00 pm GMT)

Oct 25th, 2023, BOC rate statement  (2 pm GMT)

    Fed Chairman Powell's speech  (8:35 pm GMT)

Oct 26th 2023, US Advance GDP q/q (12:30pm GMT)

      Core Durable goods orders m/m (12:30 pm GMT)

                        ECB press conference (12:45 pm GMT)

Oct 27, 2023, Core PCE price index m/m (12:30 pm GMT)

                          Revised UoM consumer sentiment (2:00 pm GMT)

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (positive correlation with BTC) - Bearish (neutral for BTC). The correlation between Bitcoin and NASDAQ diverged and 90 -the day correlation dropped to almost zero. Any close above 15000 will take the index to 15300/15800.

According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 98.50% from 94.80% a week ago.

Technicals-

Major support- $30000.  Any break below will take it to the next level at $24750/$23300/$22000/$20000 if possible.

 Bull case-

Primary supply zone -$36300. The breach above confirms minor bullishness. A jump to the next level of $40300/$41349 is possible.      

  Secondary barrier- $42600. A close above that barrier targets $48800/$50000.

 It is good to buy on dips around $30000 with SL around $24750 for TP of $40000/$42600.