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BTCUSD is consolidating after a massive rally of more than $14000.It hit a high of $52890 and is currently trading around $52327.
Market sentiment improved ahead of bitcoin halving happening within 62 days. The new Bitcoin ETF's Blackrose 's IBIT and Fidelity's BTC have seen inflows of nearly $10 billion within one month.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered from its losses as retail sales came below expectations. Any daily close above 18000 will take the index to 18200/18500.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 89.5% from 81% 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.
