BTCUSD trades weak as demand for riskier assets declined due to the escalation of geopolitical tension between Russia and Ukraine. As per the glass node report, whales withdrew 15.7k BTC, the highest since June 2022. Markets eye US Fed meeting minutes for further direction.BTC hits a high of $19199 at the time of writing and currently trading around $19165.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Mixed (neutral for BTC). The index declining for the past four days on weak global equity markets. Any close below 10600 will push the NASDAQ lower to 10300.
US bond yields (Bullish)- Bearish for BTC. The US 10-year yield recovered more than 12% from a minor bottom of 3.56%.
Technicals-
Major support- $18800. Any break below will take to the next level at $17500/$15000/$12570 if 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 $16000 with SL around $14000 for TP of $30000.
