BTCUSD gained sharply after long consolidation on upbeat market sentiment. The pair surged above $24000 for the first time since Jul 31st, following in the footsteps of the equity market. The surging inflation and geopolitical tension between China and Taiwan put pressure on the BTC at higher levels. It hits an intraday high of $24200 and is currently trading around $24083.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index pared some of its loss made yesterday. Any close above 13400 confirms a bullish continuation.
US bond yields (Bullish)-Negative for BTC. US 10-year yield recovered more than 7% from the recent low of 2.65%.
Technicals-
Major support- $23600. Any break below will take to the next level $22000/$21480/$20000/$19200/$17500 next is possible.
Bull case-
Primary supply zone -$24700. 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 $23500 with SL around $22000 for TP of $30000/$32000.
