FxWirePro- BTCUSD Daily Outlook

BTCUSD inches towards all-time high on upbeat market sentiment. It hit a high of $71339 at the time of writing and is currently trading around $70903.

The realized market cap for investors holding BTC for one month or less has been rising.This signals a bullish trend in short term.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ gained momentum on rate cut hopes. Any close below 19000 will take the index to 19500.

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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