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BTCUSD surged sharply for the past two days and hit a 21-month high as demand for safe-haven demand increased. It hit a high of $45922 and is currently trading around $45081.
BTC ETF
According to a Reuters report, the Securities and Exchange Commission will approve a spot ETF by Jan 10th.
Major Economic data for the week
Jan 3rd, 2024, US IS Manufacturing PMI (3:00 pm GMT)
FOMC meeting minutes (7:00 pm GMT)
Jan 4th, 2024, German Prelim CPI m/m
US ADP employment data (1:30 pm GMT)
Jan 5th, 2024, US Nonfarm payroll (1:30 pm GMT)
US ISM services PMI (3 pm GMT)
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The 60-day correlation between Bitcoin and NASDAQ 100 turned negative, according to data from Kaiko. Any close below 16400 will drag the index to 16000/15697.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 89.10% from 83.5% a week ago.
Technicals-
Minor support- $43700. Any break below will take it to the next level at $41790/$40700.
Bull case-
Primary supply zone -$46000. Any surge past this level confirms a bullish continuation. A jump to $48000/$50000 is possible.
Secondary barrier- $50000. A close above that barrier targets $52000/$56600.
It is good to buy on dips around $41800 with SL around $39800 for TP of $50000.
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