BTCUSD formed a bottom at around $18000 and showed a minor pullback. The accumulation of Bitcoin whales over the past week is pushing the prices higher. Markets eye Swiss bank Credit Suisse's further developments for further direction. Any collapse will drag the riskier assets lower.BTC hits a high of $20447 at the time of writing and currently trading around $20163.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Mixed (neutral for BTC). The index started to gain momentum after three weeks of bearishness. Any close above 11700 will push NASDAQ higher to 12095/12380.
US bond yields (Bearish)- Bullish for BTC. US 10-year yield recovered more than 6% from a minor bottom of 3.56%.
Technicals-
Major support- $19500. Any break below will take to the next level at $17500/$15000/$12570 is possible.
Bull case-
Primary supply zone -$20500 (trend line resistance). The breach above confirms minor bullishness. A jump to the next level of $23000/$25200 is possible. Bearish invalidation only if it breaks $25200.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to buy on dips around $19500 with SL around $18000 for TP of $25000.
