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BTCUSD is trading weak on weak market sentiment. It hit a low of $64093 yesterday and is currently trading around $65366
According to fairside data, BTC ETF has seen an outflow of $145.9 million, the third consecutive outflow and the fifth in the past six days. The outflow was mainly due to the hawkish rate pause by the Fed.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high ahead of US retail sales. Any close above 20300 will take the index to 22500.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 57.50% from 45.10% 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 -$70000. Any break above confirms a bullish continuation. A jump to $75000 is possible.
Secondary barrier- $75000. A close above that barrier targets $100000.
It is good to buy on dips around $65000 with SL around $63000 for TP of $75000.
