FxWirePro- BTCUSD Daily Outlook

BTCUSD trades in a narrow range between $71958 and $66343 for the past five days.It hit a high of $69255 at the time of writing and is currently trading around $68248.

Over the last two weeks, total inflows in BTC ETF exceeded $252 million.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered on rate cut hopes. US markets remain closed today for Memorial Day. 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 99.10% 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- $65000. 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.

It is good to buy on dips around $67000 with SL around $63000 for TP of $75000.

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