BTCUSD's price trading in a narrow range between $29170 and $27236 for the past 11 days despite strong US jobs data. The economy has added 236000 jobs in March, compared to expectations of 228000. BTC hits an intraday high of $28506 and currently trading around $28427.
Markets eye US FOMC meeting minutes for further direction.
Major economic data for the Week
Apr 12th, 2023 US CPI (12:30 pm GMT).
BOC monetary policy report (2:00 pm)
FOMC Meeting Minutes (2:00 pm)
Apr 13th, 2023 US PPI (12:30 pm GMT)
Apr 14th, 2023 Core retail sales m/m
Prelim UoM consumer sentiment
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index pared some of its gains. The index is holding above 13000, a jump of 13725.
According to the CME Fed watch tool, the probability of a no-rate hike in May increased to 34% from 28.8% a day 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.
