FxWirePro- BTCUSD Daily Outlook

BTCUSD surged more than $6500 and hit $64000 for the first time, since Nov 2021. It hit a high of $64000 at the time of writing and is currently trading around $62684.

The black rock BTC ETF  marks the largest daily inflow of $520 million on Tuesday. According to Grayscale, BTC halving will have a positive impact on price. The halving is expected in mid-Apr.   

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ is consolidating in a narrow range ahead of the US PCE index. 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 97.50% from 94% 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- $60000.  Any break below will take it to the next level at $57900/$57450/$55000.

 Bull case-

Primary supply zone -$69000.  Any close above confirms a bullish continuation. A jump to $75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000.

 It is good to buy on dips around $60000 with SL around $57000 for TP of $69000.