FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor pullback on soft US inflation. It hit a high of $69312 yesterday and is currently trading around $69050.

The decline in US PCE has increased the chance of rate cut by Fed in Sep

BTC ETF has seen net inflows for 14th consecutive days with total inflows of $48.74 million on May 31st 2024.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ took support near 55- day EMA and showed a nice pullback. Any close below 18200 will take the index to 18000.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.9% 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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