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BTCUSD trading flat despite the weak US ISM manufacturing PMI. It hit a high of $69312 yesterday and is currently trading around $69050.
US ISM manufacturing PMI dropped in May to 48.70 vs .forecast of 49.60. the employment index improved to 51.10 from 48.6.
According to Bloomberg ETF analyst, BTC ETF inflows amount to 26% and 56% YTD for BlackRock and Fidelity respectively.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ gained slightly after minor profit booking. Any close below 18200 will take the index to 18000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.9% from 99.10% 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- $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.
