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FxWirePro- BTCUSD Daily Outlook

Wed, 29 May 2024, 02:47 am UTC

BTCUSD trades flat despite upbeat market sentiment.It hit a low of $67437 at the time of writing and is currently trading around $68816.

According to Crytpoquant, Whales owners of BTC addresses between 1000 BTC and 10000 BTC have started accumulating in the past two months implying a bullish trend.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared some of its gains ahead of US GDP and PCE data this week. Any close above 19000 will take the index to 19200/19500.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.10% from 96.50% a week ago.


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- $65000. Any break below will take it to the next level at $63000/$60000/$56000/$50000.

Bull case-

Primary supply zone -$75000. Any break above confirms a bullish continuation. A jump to $80000 is possible.

Secondary barrier- $80000. A close above that barrier targets $100000.

It is good to buy on dips around $65000 with SL around $63000 for TP of $75000.

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