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BTCUSD pared some of its gains after less dovish FOMC meeting minutes. The minutes meeting confirm that rates are at a peak and inflation is cooling down. The central bank will take further action depending on economic data. It hit a low of $41454 and is currently trading around $43246.
BTC ETF
According to a crypto investment services provider Matrixport, the US SEC is expected to reject all BTC ETFs. The commission will approve a spot ETF by Jan 10th.
Major Economic data for the week
Economic calendar -
Jan 4th, 2024, US ADP Employment (1:15 pm GMT)
US initial jobless claims FOMC meeting minutes (7:00 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 break below 16330 will drag the index to 16000/15695.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 91.20% from 81.40% a week ago.
Technicals-
Minor support- $43000. Any break below will take it to the next level at $41590/$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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