FxWirePro- BTCUSD Daily Outlook

BTCUSD recovered sharply after a US jobs data. It hit a high of $65500 at the time of writing and is currently trading around $64126.

The dismal US jobs data has increased the hopes of rate cuts by the Fed.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ gained slightly on rate cut hopes.Any close above 18000 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.6% from 88.90% a week ago.

According to Cryptoquant, in the past 24 hours, 47000 BTC has been acquired by

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- $63500. Any break below will take it to the next level at $60000/ $56000/$50000.

Bull case-

Primary supply zone -$67000. 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 $57500 for TP of $70000.

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