BTCUSD trades sideways after a minor sell-off. According to reports from CryptoQuant, stablecoin inflows have been increasing continuously from Jan. Typically, the accumulation of stablecoins confirms buy signal Bitcoins.BTC hits a low of $22000 and currently trading around $22394.
Markets eye US Non-farm payroll, Fed chairman Powell speech for further direction.
US ISM services PMI surged for a second consecutive month to 55.1in Feb, well above the estimate of 54.50.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index regained above 12000 on upbeat market sentiment. Any close above 12365 will push NASDAQ prices higher to 12490/12600.
The US 10-year yield pared most of its gains after hitting a multi-month high. The US 10 and 2-year spread widened to -90 basis points from -77% bpbs.
Technicals-
Major support- $22000. Any break below will take to the next level at $21490/$20300/19000 if possible.
Bull case-
Primary supply zone -$23000. The breach above confirms minor bullishness. A jump to the next level of $23990/$25250 is possible. Bearish invalidation only if it breaks $25300.
Secondary barrier- $25300. A close above that barrier targets $30000/$37000/$4000.
It is good to sell on rallies around $23000 with SL around $24000 for TP of $19000.
