BTCUSD is trading higher for a third consecutive day on an upbeat market mood. It hit a high of $46795 at the time of writing and is currently trading around $ 46774.
The inflow into BTC ETF increased to $403 million, the third-largest inflow. Eric Balchunas, an exchange-traded funds (ETF) analyst said that apart from China, Europe, and Canada investors also showing interest in BTC ETF.
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 above 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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