FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains after the upbeat US economic data.It hit a low of $66373 yesterday and is currently trading around $67104.

US durable goods orders rose 0.70% in Apr compared to a forecast of -0.90%. Core durable goods orders excluding transportation surged 0.40% in Apr vs. an Estimate of 0.10%.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ declined slightly from an all-time high, due to profit booking. Any close above 19000 will take the index to 19200/19500.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.70% from 91.1% 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- $67000. Any break below will take it to the next level at $63000/$60000/$56000/$50000.

Bull case-

Primary supply zone -$75000. Any break above confirms a bullish continuation. A jump to $80000 is possible.

Secondary barrier- $80000. A close above that barrier targets $100000.

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