FxWirePro: BTCUSD Predictions

BTCUSD price trades flat between $28973 and $26678 for past four days. The crypto market was of the best performers this month and surged nearly $9000 from a minor bottom $19568. The hopes of rate pause by Fed due to banking crisis uncertainty has increased demand of riskier assets like Bitcoin. ce of a rate pause by the Fed in the coming months. BTC hits a high of $28937 and currently trading around $27802.

US durable goods orders m/m declined by -1% in Feb, below estimate of 0.40%. US  flash manufacturing PMI for Mar came at 49.30, compared to estimate of 47. Services PMI 53.8 vs. 50.50 estimate, highest level since May 2022.

Major economic data for the Week

Mar 28th, 2023  US CB Consumer confidence m/m (3 pm GMT)

 Mar 30, US final GDP q/q and Unemployment claims (1:30 pm GMT)

Mar 31st, US Core PCE price index m/m (1:30 pm)

Factors to watch for Bitcoin price action-

 US markets -

 NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index was one of the best performers the previous week and jumped more than 1000 points from the minor bottom of 11677. Any daily close above 13000 will push NASDAQ prices higher to 13725.

 According to the CME Fed watch tool, the probability of a no-rate hike in Mar increased to 81.8% from 48.5% a week ago.

Technicals-

Major support- $27200.  Any break below will take it to the next level at $26600/$25000 is possible.

Bull case-

Primary supply zone -$30000. The breach above confirms minor bullishness. A jump to the next level of $37000/$43200/$48500 is possible.       

 Secondary barrier- $52200. A close above that barrier targets $60000/$69000.

It is good to buy on dips around $25000 with SL around $23000 for TP of $30000.