FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor pullback after the US PCE. It hit a low of $67105 yesterday and is currently trading around $68501.

US Core PCE YoY came steady at 2.8% in line with the estimate of 2.8%. Core PCE m/m for Apr 0.20% vs. 0.30% estimate.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ was declined slightly after US PCE data. Any close below 18300 will take the index to 18000.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.9% from 99.10% 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 $65000 with SL around $63000 for TP of $75000.

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