FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD nosedived sharply after hitting an all-time high. The surge in inflation has decreased the chance of an early rate cut by the Fed. The crypto market dropped ahead of Fed monetary policy. It hit a high of $64522 and is currently trading around $68336.

According to coin glass data, a $125 million long position liquidated. The net inflow dropped by 38.30% to $684M compared to the previous day Mar 13th, 2024.

 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 as the Fed signals a rate pause.  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 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- $64500.  Any break below will take it to the next level at $61800/$60000/$59000.

 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.