FxWirePro- BTCUSD Daily Outlook

BTCUSD hits an all-time high on upbeat market sentiment. The surge in US CPI has decreased the chance of a rate cut by the Fed supports the crypto market. It hit a high of $73679 at the time of writing and is currently trading around $73269.

According to BitMex research, spot BTC ETF has added  14706 BTC of $1 billion in net inflows with Blackrock with a record $849 million of inflow.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor pullback after the US inflation data.  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 99% 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- $71000.  Any break below will take it to the next level at $68000/$65000.

 Bull case-

Primary supply zone -$73500.  Any close above confirms a bullish continuation. A jump to $75000/$80000 is possible.      

  Secondary barrier- $80000. A close above that barrier targets $100000.

 It is good to buy on dips around $70000 with SL around $64800 for TP of $80000/$85000.