FxWirePro- BTCUSD Daily Outlook

BTCUSD declined sharply as the Fed might delay the rate cut. It hit a low of $62599 and is currently trading around $62776.

New whales bought BTC  at an average price of $56400 via spot BTC ETF. The net inflows of BTC ETF increased by over $2.5 billion last week alone.

 Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ consolidating in a narrow range ahead of US Fed monetary policy tomorrow. 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 below the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $61900.  Any break below will take it to the next level at $60000/$59000.

 Bull case-

Primary supply zone -$65000.  Any break above confirms a bullish continuation. A jump to$69000/$75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000.

 It is good to buy on dips around $59000 with SL around $56000 for TP of $75000.