BTCUSD pared most of its gains after hitting a fresh all-time high. The upbeat US CPI and PPI decreased the chance of an early rate cut. It hit a low of $65569 at the time of writing and is currently trading around $67281.
According to Spot on Chain, BTC ETF inflows declined by 80% in 24 hours to $133 million.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades weak on US rate cut concerns. 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- $65000. Any break below will take it to the next level at $61980/$60000.
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 $65000 with SL around $60000 for TP of $80000/$85000.
