BTCUSD lost more than $2000 as upbeat US NFP jobs data has increased the chance of aggressive rate hikes by the Fed. The minor weakness in equities also puts pressure on Bitcoin. According to a Bloomberg MLIV survey, 60% of respondents believe BTC will drop to $10000.her levels. It hits a low of $20312 at the time of writing and currently trading around $20565.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Mixed (Neutral for BTC). The index pares some of its gains made the previous week. Any close above 12310 confirms a bullish continuation.
US bond yields (Bearish)-Negative for BTC. US 10-year yield gained more than 12% from the minor bottom 2.74%.
Technicals-
Major support- $20000. Any break below will take the pair to next level $19200/$17500/$16200 is possible.
Bull case-
Primary supply zone -$22500. The breach above confirms minor bullishness. A jump to the next level of $25400/$30000 is possible.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to sell on rallies around $21500-600 with SL around $23000 for TP of $15000.
