FxWirePro- BTCUSD Daily Outlook

BTCUSD prices pared some of their gains after the US Fed monetary policy. The central bank kept its rates unchanged and Powell ruled out an early rate cut on inflation concerns. It hit a low of $41859 and is currently trading around $ 42179.

BTC halving event is 88 days away, according to Nicehash. Blackrock IBTC is likely to overtake Grayscale in terms of trading volume.

Markets eye US ISM manufacturing PMI and jobless claims for further movement.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared most of its gains after the Fed delayed the rate cut. Any break below 17120 will drag the index to 17000/16800.

   According to the CME Fed watch tool, the probability of a no-rate cut in  Mar at 65% from 58.80% a week ago.

 Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the daily chart.

Minor support- $41700.  Any break below will take it to the next level at $41400/$40700/$38500.

 Bull case-

Primary supply zone -$44000.  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 $42000 with SL around $40700 for TP of $50000.