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BTCUSD trading flat after upbeat US Non-Farm Rolls. The US economy has added 216000 jobs in Dec, above expectations of 168K. Unemployment rate unchanged at 3.7% vs. Estimate of 3.8%. It hit a low of $43200 at the time of writing and is currently trading around $44128.
BTC ETF
Bloomberg reports that the SEC will approve the Jan 10th deadline. Spot BTC applicants filed 19b-4s and S-1s for ETF approvals.
Major Economic data for the week
Economic calendar -
Jan 11th, 2024, US CPI m/m (1:30 pm GMT)
Jan 12th, 2024, US Core PPI m/m (1:30 pm GMT)
UK GDP m/m
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 is trading below the 21-day EMA. Any close below 16000 will drag the index to 15695/14910.
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- $43200. Any break below will take it to the next level at $42500/$41590/$40700/$34750/$33800.
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 $42500 with SL around $39800 for TP of $50000.
