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FxWirePro- BTCUSD Daily Outlook

Mon, 24 Jun 2024, 04:12 am UTC

BTCUSD lost its shine and is trading below $65000 on whales selling. It hit a low of $63501 and is currently trading around $63880.

Spot BTC ETF has seen an outflow for the fifth consecutive day and lost over $900 million this week. According to the SoSoValue data tracker, 11 listed ETFs lost $140 million on Thursday.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared some of its gains on weak US economic data. Any close above 20000 will take the index to 20500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 57.90% from 61.10% a week ago.


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

Minor support- $63000. Any break below will take it to the next level at $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 $60000 with SL around $57000 for TP of $75000.

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