FxWirePro- BTCUSD Daily Outlook

BTCUSD pared most of its gains ahead of FOMC monetary policy. It hit a low of $61447 at the time of writing and is currently trading around $61586.

Hongkong BTC and ETH ETF goes live today. Australia plans to approve a Bitcoin Spot ETF by year-end.

Markets eye FED monetary policy and Chairman Powell's speech today and tomorrow for further direction.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trading higher after upbeat earnings from major tech companies. Any close above 18000 will take the index to 18500/18700.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 88.40% from 83.50% 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- $60000. Any break below will take it to the next level at $55990/$51825.

Bull case-

Primary supply zone -$67500. Any break above confirms a bullish continuation. A jump to $70000/$73500 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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