BTCUSD rebounded sharply on upbeat market sentiment. US stock markets gained sharply as an aggressive rate hike by the fed eases. US dollar index pares most of its gains made the previous week and dropped below 108. It hits a high of $22503 at the time of writing and currently trading around $22292.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index regained above the 12000 level from a minor bottom of 11495. Any close above 12250 confirms a bullish continuation.
US bond yields (Bearish)-Negative for BTC. US 10-year yield declined more than 6.5% from the recent high of 3.103%.
Technicals-
Major support- $21500. Any break below will take the pair to next level $21000/$20000/$19200/$17500 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 buy on dips around $22000 with SL around $21000 for TP of $30000.
