FxWirePro- BTCUSD daily Outlook

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.