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Potential reversal zone- $52530.
BTCUSD trades weak due to profit booking. It hit a low of $60255 yesterday and is currently trading at around $60819.
Whales Selling-
According Spot On Chain, the entity of 4 fresh whales that withdrew 8,510 $BTC from Bitfinex in June and August has deposited 1,500 $BTC ($92.95M) back to the CEX in the last 30 hours
BTC ETF
BTCETF saw outflows of $30 M yesterday led by ARK 21shares seen an outflow of $44.47 million, According to SoSOValue.
US markets -
NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher despite hot CPI data. Any close above 20200 will take the index to 20500.
Technicals-
BTCUSD trades below the short-term moving average 34- EMA and 55 EMA and the above long-term moving average (200 EMA) in the 4-hour chart.
Minor support- $60000. Any break below will take it to the next level at $57000/$55000/$52500/$50000/$46000.
Bull case-
Primary supply zone -$63000. Any break above confirms an intraday bullishness. A jump to $70000 is possible.
Secondary barrier- $70000. A close above that barrier targets $750000/$80000.
Indicator (4-hour chart)
CCI (50)- Neutral
Average directional movement Index - neutral
It is good to buy on dips around $60000 with SL around $57000 for TP of $70000.
