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FxWirePro- BTCUSD Daily Outlook

Fri, 05 Jul 2024, 01:26 am UTC

BTCUSD lost its shine and holds well below $60000 as rate cut speculation eases. It hit a low of $56952 and is currently trading around $57342.

The FOMC minutes clearly indicated that Fed officials are not willing to go for a rate cut till inflation comes below the 2% level.

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades above 20000 despite weak US economic data. Any close above 20300 will take the index to 20500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 66.50% from 59.50% a week ago.


BTCUSD trades below the short-term moving average (21 and 55 EMA) and below the long-term moving av

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