BTCUSD trades slightly lower despite upbeat market sentiment. The pair rebounded sharply after the dovish 75 bpbs rate hike by Fed.US dollar index continues to trade weak for a third consecutive week and dropped below 105.50. Bitcoin got exhausted after hitting a high of $24676 and is currently trading around $22910.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index pared some of its gains due to profit booking. Any close above 13400 confirms a bullish continuation.
US bond yields (Bearish)-positive for BTC. US 10-year yield declined more than 25% from the recent high of 3.103%.
Technicals-
Major support- $22400. Any break below will take the pair to next level $21480/$20000/$19200/$17500 is possible.
Bull case-
Primary supply zone -$23600. 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 $20000 for TP of $30000.
