FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a massive sell-off of nearly $1000 due to profit booking. It hit a low of $59313 yesterday and is currently trading around $67174.

According to Coinglass, last 24 hours crypto markets witnessed the liquidation of $196.68 short and $324.287 long positions.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor pullback ahead of Fed Powell's testimony. Any close above 18350 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar decreased to 97% from 98% 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- $65000.  Any break below will take it to the next level at $63000/$61500/$59300.

 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.