FxWirePro- BTCUSD Daily Outlook
BTCUSD prices gained slightly due to short covering. It hit a low of $38505 and is currently trading around $ 40198.
The redemption of GBTC by bankrupt crypto exchange FTX puts pressure on BTC at higher levels.
Economic data-
US Richmond fed manufacturing index dropped to -15 vs. Expected -8.
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 consolidates after hitting an all-time high of 17450. Any break above 17500 will take the index to 17800/18000.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan decreased to 96.90% from 97.90% a day ago.
Technicals-
Minor support- $38000. Any break below will take it to the next level at $34950/$30000.
Bull case-
Primary supply zone -$40700. Any surge past this level confirms an intraday bullishness. A jump to $41500/$43500/$45000/$46180/$49050 is possible.
Secondary barrier- $50000. A close above that barrier targets $52500/$60000.
It is good to buy on dips around $38000 with SL around $35000 for TP of $50000.
