BTCUSD lost most of its gains made the previous week on subdued market sentiment Markets eye US CPI data for further direction. The minor weakness in the US equity market also puts pressure on BTC at higher levels. It hits an intraday high of $22669 and is currently trading around $23054.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index pared some of its gains made yesterday. Any close below 12700 confirms a bearish continuation.
US bond yields (Bullish)-Negative for BTC. US 10-year yield recovered more than 14% from the recent low of 2.516%.
Technicals-
Major support- $22600. Any break below will take the pair to next level $22000/$21480/$20000/$19200/$17500 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 $22600 with SL around $20000 for TP of $30000/$32000.
