BTCUSD is trading weak for a second consecutive week on the hawkish Fed Chairman speech. The demand for riskier assets like Bitcoin and stocks decreased on hopes of a 75 bpbs rate hike by the ECB in the next monetary policy meeting. The surging US treasury yields also put pressure on BTC at higher levels.BTC hits a low of $19526 and currently trading around $19916.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index dropped more than 10% from a minor top of 13727. Any close below 12000 confirms a bearish continuation.
US bond yields (Bullish)-Negative for BTC. US 10-year yield gained more than 25% from the recent low of 2.51%.
Technicals-
Major support- $19000. Any Break below will take to the next level at $17500/$15800 is possible.
Bull case-
Primary supply zone -$20600. The breach above confirms minor bullishness. A jump to the next level of $220000/$23020/$23530/$24500/$25400/$30000 is possible.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to sell on rallies around $21000 with SL around $22500 for TP of $15800.
