FxWirePro- BTCUSD Daily Outlook

BTCUSD holds above $66000 as transaction fees dropped after BTC halved. It hit a high of $67241 yesterday and is currently trading around $66054.

According to the mempool.space, BTC transaction fees for medium priority dropped to $8.48 while high priority transactions cost $9.32. The hash price index also declined from $182 per hash/day to $81.

Swiss Bitcoiners have prepared documents for the Swiss state Chancellery for adding Bitcoin by the Swiss National Bank.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades weak ahead of major earnings like Tesla, Microsoft, and Alphabet this week. Any close below 17000 will take the index to 16700/16500.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 84.80% from 78.70% a week ago.

Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $60000. Any break below will take it to the next level at $55990/$51825.

Bull case-

Primary supply zone -$67000. Any break above confirms a bullish continuation. A jump to $70000/$73500 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 $75000.

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