FxWirePro- BTCUSD Daily Outlook

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.