BTCUSD declined drastically to the near collapse of FTX, the fourth largest exchange in volumes. It has dropped more than $3000 as sentiment turns sour. Markets eye the US Midterm election and CPI data for further direction. Bitcoin hits a low of $17114 at the time of writing and currently trading around $17732.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (Positive for BTC). The index showed a minor profit booking after three days of bullishness. Any close above 11200 confirms a bullish continuation.
US bond yields (Bullish)-Negative for BTC. The US 10-year yield pared some of its gains after hitting a high of 4.23%.
Technicals-
Major support- $17000. Any break below will end to the bullish trend, a dip to $15000/$12795 is possible.
Bull case-
Primary supply zone -$18100 (38.2% fib). The breach above confirms minor bullishness. A jump to the next level of $18800/$19420/$20700 is possible.
Secondary barrier- $21500. A violation above that barrier targets $22800/$25200.
It is good to sell on rallies around $18900-$19000 with SL around $20000 for TP of $15000.
