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BTCUSD prices continue to trade lower due to profit booking. The hawkish comments from fed officials also put pressure on Crypto markets at higher levels. It hit a low of $40770 and is currently trading around $41370.
Tether has recently added 8888 BTC worth $380 million to its holdings. BTC ETF are valued at $27.5 billion well above Silver's $11.5 billion.
Economic data-
Philly fed manufacturing declined to -10.6 in Jan, compared to a forecast of -7.0. The number of people who have filed for unemployment benefits declined by 16000 to 187000 for the week ended Jan 12th, the lowest level in 16 months.
Economic calendar-
Economic calendar
US building permits and Philly fed manufacturing (1:30 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. The NASDAQ regained sharply on upbeat market sentiment. 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 97.40% from 95.90% a week ago.
Technicals-
Minor support- $40700. Any break below will take it to the next level at $40000/$34950.
Bull case-
Primary supply zone -$42500. Any surge past this level confirms an intraday bullishness. A jump to $43500/$45000/$46180/$49050 is possible.
Secondary barrier- $50000. A close above that barrier targets $52500/$60000.
It is good to buy on dips around $41400 with SL around $39000 for TP of $50000.
