FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains on profit booking. It hit a low of $60395 yesterday and is currently trading around $61861.

US Headline rose 0.30% m/m  in Jan, in line with the estimate. Core PCE  came at 0.40%, matched forecasts.

Markets eye US ISSM manufacturing PMI for further movement.

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 after hitting an all-time high of 18126. Any close above 18125 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% from 96% 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- $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.