BTCUSD trades in a narrow range for the past five days between $17645 and $15784. The pair plunged sharply the previous week as FTX's bankruptcy created panic among investors. According to Crypto research funds, exposure to FTX or FTT tokens is between 25 to 40% of cryptocurrency-focused hedge funds. The loss will be around $5 billion due to the FTX collapse. Bitcoin hits a high of $16980 at the time of writing and currently trading around $16733.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (Positive for BTC). The index recovered after hitting a low of 10611. Any close above 12000 confirms a bullish continuation.
US bond yields (Bearish)-Positive for BTC. The US 10-year yield pared more than 10% after hitting a high of 4.33%.
Technicals-
Major support- $15000. Any break below will end the bullish trend, a dip to $12795/$10000 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 $18000-18100 with SL around $19400 for TP of $15000.
