FxWirePro- BTCUSD Daily Outlook

BTCUSD consolidating in a narrow range between $53015 and $50611 for the past five days. It hit a low of $51061 at the time of writing and is currently trading around $51597.

Blackrock BTC ETF Ishares Bitcoin Trust (IBIT) has accumulated 110000 bitcoins, since its launch a month ago.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor profit booking after hitting an all-time high. Any weekly close above 18000 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 97.50% from 90% 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- $50000. Any break below will take it to the next level at $48300/$47800/$46000.

Bull case-

Primary supply zone -$53000. Any close above confirms a bullish continuation. A jump to $55000/$60000 is possible.

Secondary barrier- $60000. A close above that barrier targets $69000.

It is good to buy on dips around $50000 with SL around $48000 for TP of $60000.

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