BTCUSD gained sharply after a long consolidation. It hit a high of $65583 yesterday and is currently trading around $61861.
US ISM manufacturing PMI declined to 47.8 in Feb compared to a forecast of 49.50.
BTC ETF inflows created history with a net inflow of $673 million on Feb 28th surpassing the previous day's record of $655 million.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered sharply and hit an all-time high of 18333. Any close above 18350 will take the index to 18500.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 95% from 97% a week ago.
Technicals-
BTCUSD trades above the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the daily chart.
Minor support- $60000. Any break below will take it to the next level at $57900/$57450/$55000.
Bull case-
Primary supply zone -$69000. Any close above confirms a bullish continuation. A jump to $75000 is possible.
Secondary barrier- $75000. A close above that barrier targets $80000.
It is good to buy on dips around $60000 with SL around $57000 for TP of $69000.
