FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor pullback after  BTC ETF optimism. It hit a high of $44409 and is currently trading around $43759

BTC ETF

According to Charles Gasparino of Fox Business, "Firms feel "confident the SEC will approve" spot ETF after Jan 8th, 2024. They believe the SEC could approve several ETF applications at once.

Major Economic data for the day

Dec 22nd, 2023, Core PCE index  (1:30 pm GMT)

                          Core durable goods order

                           US new home sales (3 pm GMT)

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The 60-day correlation between Bitcoin and NASDAQ 100 turned negative, according to data from Kaiko. Any close above 16800 will take the index to 17000/17500.

 According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  Jan increased to 14.5% from 12.40% a day ago.

 Technicals-

Minor support- $42700.  Any break below will take it to the next level at $41790/$40700.

 Bull case-

Primary supply zone -$45000.  Any surge past this level confirms a bullish continuation. A jump to $48000/$50000 is possible.      

  Secondary barrier- $50000. A close above that barrier targets $52000/$56600.

 It is good to buy on dips around $40000 with SL around $37800 for TP of $50000.