FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains after surging near all-time highs. It hit a high of $68850 yesterday and is currently trading around $66701.

Stanford University's Blyth Fund has bought BTC with a 7% allocation of the total portfolio.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor sell-off due to profit booking after hitting an all-time high of 18372. Any close above 18350 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 97% from 98% 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- $60000. Any break below will take it to the next level at $57900/$57450/$55000.

Bull case-

Primary supply zone -$69000. Any close above confirms a bullish continuation. A jump to $75000 is possible.

Secondary barrier- $75000. A close above that barrier targets $80000.

It is good to buy on dips around $60000 with SL around $57000 for TP of $69000.

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