FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD price holds above $43000 despite upbeat US non-farm payroll data. The US economy added 353000 jobs in Jan, well above the forecast of 180000.  Unemployment came in line with expectations of 3.70%. Wage inflation surged to 4.5% vs. Estimate of 4.1%. for the past three days. It hit a high of $43209 at the time of writing and is currently trading around $ 43158.

Grayscale Bitcoin Trust (GBTC) outflows almost reduced from $1.8 billion to less than $200 million per day now.

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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 Meta. 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.