FxWirePro- BTCUSD Predictions

BTCUSD  declined sharply after the FOMC minutes. The central bank meeting minutes confirm that there will be further rate hikes in the coming months till inflation cools. The demand for riskier assets dropped on the hawkish policy outlook.  US  dollar index pares most of its gains made yesterday and any violation below 106.30 confirms intraday bearishness.BTC hits a high of $23575 at the time of writing and currently trading around $23516.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index trading lower for the past two days. Any close below 13300 confirms a bearish continuation.

US bond yields (Bullish)-Negative for BTC.  US 10-year yield gained more than 15%from the recent low of 2.51%.

Technicals-

Major support- $23000. Any Break below will take to next level at $22400/$21000/$20000/$19200/$17500 is possible.

Bull case-

Primary supply zone -$23870. The breach above confirms minor bullishness. A jump to the next level of $24500/$25400/$30000 is possible.          

 Secondary barrier- $33000. A close above that barrier targets $37000/$4000.

It is good to buy on dips around $22500 with SL around $21000 for TP of $30000.