BTCUSD surged more than $3000 after SEC BTC ETF approval. Markets await US CPI data for further direction. It hit a high of $47751 at the time of writing and is currently trading around $46581.
BTC ETF
The SEC approved 11 Spot BTC ETF applications. The trading is expected to begin on Thursday. Investors eye inflows within the first 24 to 48 hours.
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 has been trading higher for four consecutive days. Any close above 17000 will take the index to 17500/17800.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 97.40% from 93.80% a week ago.
Technicals-
Minor support- $45500. Any break below will take it to the next level at $44300/$43200/$42500/$41400.
Bull case-
Primary supply zone -$48000. Any surge past this level confirms a bullish continuation. A jump to $50000/$52500/$56580 is possible.
Secondary barrier- $60000. A close above that barrier targets $65000/$69000.
It is good to buy on dips around $44500 with SL around $43200 for TP of $50000.
