FxWirePro- BTCUSD Daily Outlook

BTCUSD surged sharply ahead of US SEC Spot BTC ETF approval. It hit a high of $47281 at the time of writing and is currently trading around $46581.

BTC ETF

The SEC just issued additional comments on pending applicant's S-1s. This is a delay signal.

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. The NASDAQ showed a minor jump after seven days of a bearish trend. Any close above 17000 will take the index to 17500/17800.

According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 95.3% from 82.40% a week ago.

Technicals-

Minor support- $45570. Any break below will take it to the next level at $44870/$43200/$42500/$41400.

Bull case-

Primary supply zone -$47250. 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 $44500 with SL around $43200 for TP of $50000.

TokenPost | [email protected]