FxWirePro- BTCUSD Daily Outlook

BTCUSD recovered more than $2000 in hopes of BTC ETF approval. Markets eye US Non-Farm Payroll data for further direction. It hit a high of  $44346 at the time of writing and is currently trading around $43713.

BTC ETF

After VanEck and Grayscale ARK 21 shares filed form 8A for registration of securities. SEC meetings with NASDAQ, NYSE, and CBOE exchanges to discuss the spot BTC ETF.

Major Economic data for the day

Economic calendar -

Jan  5th, 2024, US NFP    (1:30 pm GMT)

                        US ISM services PMI  (3:00 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. The NASDAQ trend reversed after hitting an all-time high of around 16996. Any close below 16000 will drag the index to 15695/14910.

According to the CME Fed watch tool, the probability of a no-rate cut in  Jan increased to 95.3% from 83.5% a week ago.

 Technicals-

Minor support- $43000.  Any break below will take it to the next level at $41590/$40700/$34750/$33800.

 Bull case-

Primary supply zone -$46000.  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 $41800 with SL around $39800 for TP of $50000.