FxWirePro- BTCUSD Daily Outlook

BTCUSD is trading weak ahead of the BTC halving event. It hit a low of $61308 and is currently trading around $62725.

Halving count down

03 11 56

Days Hours minutes

Markets eye developments in Israel and Iran war for further movements.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ lost its shine as geopolitical tension would defer the Fed rate cut. Any close below 17700 will take the index to 17300/17000.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 77% from 42.60% a week ago.

Technicals-

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- $60000. Any break below will take it to the next level at $55990/$51825.

Bull case-

Primary supply zone -$65300. Any break above confirms a bullish continuation. A jump to $67000/$70000 is possible.

Secondary barrier- $75000. A close above that barrier targets $80000.

It is good to buy on dips around $60000 with SL around $57000 for TP of $75000.

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