FxWirePro- BTCUSD Daily Outlook

BTCUSD is consolidating in a narrow range after a massive buying. It hit a high of $71759 at the time of writing and is currently trading around $71054.

BTC ETF saw over $880 million inflows on Tuesday led by Fidelity , second largest since its launch in Jan 2024.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits fresh all-time high as Nvidia overtook Apple Any close above 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 98.4% from 98.90% 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 $65000 for TP of $75000.

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