FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains ahead of US inflation data. It hit a low of $61440 at the time of writing and is currently trading around $61638.

Markets eye the US PPI and CPI data to be released today and Wednesday for further movement. Any upbeat inflation will prevent the Fed from a rate cut.

Hong Kong's Bitcoin Asia conference saw 5500 of attendance from mainland China where crypto is banned: South China Morning Post. “I think they see Bitcoin as a massive opportunity for Hong Kong,” said Bailey. Co-founder of Bitcoin magazine.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades flat ahead of US inflation. Any close above 18300 will take the index to 18500.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 96.5% from 91.3% 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 $56000/$50000.

Bull case-

Primary supply zone -$63000. Any break above confirms a bullish continuation. A jump to $64000/$67500/$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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