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BTCUSD trades in a narrow range between $68636 and $73679 for the past two days. Markets eye US retail sales and US PPI for further movement. It hit a high of $73575 at the time of writing and is currently trading around $72827.
Microstrategy planning to raise another $500M to buy more Bitcoin.
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 due to a rise in US yields. 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 -$75000. Any close above confirms a bullish continuation. A jump to$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.
