FxWirePro- BTCUSD Daily Outlook

BTCUSD rose more than 10% in the past two days and crossed $57000  for the first time since Dec 2021. It hit a high of $57055 at the time of writing and is currently trading around $56147.

BlackRock's BTC ETF  hits an all-time volume of $1.3 billion in a single day. According to ETF Specialist Eric Balchunas, New Nine Bitcoin ETFs have broken all-time volume record today with $2.4b, just barely beating Day One but about double their recent daily average.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor sell-off due to profit booking. Any weekly close above 18000 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 99.50% from 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- $55500.  Any break below will take it to the next level at $53980/$53000/$50000.

 Bull case-

Primary supply zone -$57000.  Any close above confirms a bullish continuation. A jump to $59000/$60000 is possible.      

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

 It is good to buy on dips around $53650-700 with SL around $50000 for TP of $69000.