FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD pared most of its gains after hitting a multi-year high of $49048.It hit a low of $41509 at the time of writing and is currently trading around $42816.

BTC ETF 

According to coinshares, BTC got inflows of 1.14 billion after SEC BTC Spot ETF. approval.

Economic data-

US PPI fell 0.10% in Dec, compared to a forecast of 0.10%. Core PPI came unchanged at  0% vs the forecast of 0.20%.

Economic calendar-

US Empire State Manufacturing Index  (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 has traded higher for the past five 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 95.3% from 94.80% a week ago.

 
 Technicals-

Minor support- $41500.  Any break below will take it to the next level at $40000/$34950.

 Bull case-

Primary supply zone -$43500.  Any surge past this level confirms an intraday bullishness. A jump to $45000/$46180/$49050 is possible.      
    
  Secondary barrier- $50000. A close above that barrier targets $52500/$60000.

 It is good to buy on dips around $41400 with SL around $39000 for TP of $50000.