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BTCUSD pared some of its gains ahead of BTC halving. It hit a low of $68215 and is currently trading around $68985.
Halving date- Apr 20th, 2024.
BTC's annual supply declined from 1.7% to 0.85%.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ is trading flat ahead of the US CPI and FOMC meeting minutes. Any close below 18000 will take the index to 17700/17300.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 46.2% from 55.2% a week ago.
Technicals-
BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.
Minor support- $69000. Any break below will take it to the next level at $68300/$67000/$64500/$6300.
Bull case-
Primary supply zone -$73500. Any break above confirms a bullish continuation. A jump to $75000/$80000 is possible.
Secondary barrier- $80000. A close above that barrier targets $100000.
It is good to buy on dips around $65000 with SL around $61800 for TP of $75000.
