FxWirePro- BTCUSD Daily Outlook

BTCUSD hits $49048, the highest level since Dec 2021 after SEC BTC ETF approval. It hit a low of $45546 at the time of writing and is currently trading around $45979.

BTC ETF

According to LSEG data, BTC ETF's total volume reached $4.6 billion with Grayscale as top performer with 50% of the group's total volume.

Economic data-

US headline CPI YoY came above estimate and core CPI dropped to 3.9% from the previous month's 4%.

Economic calendar-

US PPI (1:30 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 trades flat after a nice pullback. 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 95.3% 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 -$50000.  Any surge past this level confirms a bullish continuation. A jump to $52500/$56580/$60000 is possible.      

  Secondary barrier- $60000. A close above that barrier targets $65000/$69000.

 It is good to buy on dips around $45600 with SL around $44000 for TP of $52500/$56400.