BTCUSD's price jumped sharply and hit a four-week high. It hit a high of $44873 at the time of writing and is currently trading around $ 44828.
Bitcoin whales are accumulating BTC and volume increased by 3.66% in the past two weeks. According to Glass Node, the number of Bitcoin wallets holding 1000 tokens increased to a multi-month high of 73.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ surged higher on positive earnings reports. 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 81.50% from 45.5% a week ago.
Technicals-
BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the daily chart.
Minor support- $43500. Any break below will take it to the next level at $43000/$42500/$41700.
Bull case-
Primary supply zone -$45000. Any surge past this level confirms an intraday bullishness. A jump to $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.


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