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BTCUSD has trading in a narrow range between $65513 and $60176 for the past five days. It hit a high of $63262 at the time of writing and is currently trading around $62553.
Markets eye US CPI data on Wednesday for further movement. Any upbeat inflation will prevent the Fed from a rate cut.
Billionaire Barry Sternlicht predicts the faliure of more banks due to real estate collapse. This will make investors shift to safe-haven assets like Gold and bitcoin.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ gained sharply on rate cut hopes. Any close above 18300 will take the index to 18500.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 96.5% from 91.6% 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 $56000/$50000.
Bull case-
Primary supply zone -$63000. Any break above confirms a bullish continuation. A jump to $64000/$67500/$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 $57500 for TP of $70000.
