BTCUSD traded higher for a second consecutive week and jumped more than $4000. Markets eye US CPI data for further direction. Any dismal inflation data will push BTC prices higher. US CPI is expected to land at 8.1%, slightly lower than the previous 8.5%.BTC hits a high of $22635 at the time of writing and currently trading around $22534.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index started to gain momentum after forming a minor bottom at 11917. Any close above 13040 will push NASDAQ higher to 13727.
US bond yields (Bullish)- Bearish for BTC. US 10-year yield gained more than 34% from a low of 2.51%.
Technicals-
Major support- $18500. Any break below will take to the next level at $17500/$15000/$12570 is possible.
Bull case-
Primary supply zone -$23000 (trend line resistance). The breach above confirms minor bullishness. A jump to the next level of $23530/$24500/$25000 is possible. Bearish invalidation only if it breaks $25000.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to buy on dips around $23000 with SL around $22000 for TP of $25000.
