BTCUSD is consolidating ahead of the US nonfarm payroll. Any dismal jobs data will push assets like Gol,d, and BTC further higher. It hit a high of $68061 yesterday and is currently trading around $67366.
Blackrock BTC ETF added 12600 BTC on Tuesday, beating the previous daily highs of 10000.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high in hopes of rate cuts by the Fed. 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 95% from 96% 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- $64780. 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 $61800-62000 with SL around $59800 for TP of $69000.
