FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor sell-off after the ECB commented on BTC ETF approval. It hit a low of $50829 at the time of writing and is currently trading around $50936.

ECB Director General for market infrastructure  Payments Ulrich Bindseil and Advisor Jürgen Schaaf  wrote in a blog that "We disagree with both claims and reiterate that the fair value of bitcoin is still zero," They said that SEC BTC ETF approval can be compared to "the naked emperor's new clothes."

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ gained sharply and holds above 18000 after upbeat Nvidia earnings. Any daily close above 18000 will take the index to 18300/18500.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 97.50% from 90% a week ago.

 Technicals-

BTCUSD trades below the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the daily chart.

Minor support- $50000.  Any break below will take it to the next level at $48300/$47800/$46000.

 Bull case-

Primary supply zone -$53000.  Any close above confirms a bullish continuation. A jump to $55000/$60000 is possible.      

  Secondary barrier- $60000. A close above that barrier targets $69000.

 It is good to buy on dips around $50000 with SL around $48000 for TP of $60000.