BTCUSD prices consolidated in a narrow range between $43853 and $41859 for the past three days. Markets await US Nonfarm payroll data for further movement. It hit a high of $43405 and is currently trading around $ 42966.
On-chain metrics data shows a bullish indication for Bitcoin. According to santimant data, holders with 100 to 1000 BTC offloaded their holdings by 3.81% from 3.93 million to 3.78 million. While with 1000 to 10000 BTC increased their stake by 2.34%.
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Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ gained after positive results from Amazon and upbeat market sentiment. Any break above 17800 will take the index to 18000/18200.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 63% from 50.90% 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- $42500. Any break below will take it to the next level at $41700-/$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.
