FxWirePro- BTCUSD Daily Outlook

BTCUSD trading weak after mixed US Non-Farm Payroll data. It hit a high of $71076 at the time of writing and is currently trading around $71320.

US economy added 272000 jobs in May, compared to a forecast of 182000. The Unemployment rate jumps to 4% from 3.9%. Average wages rose to 4.1% Yoy vs 3.9% YoY.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared some of its gains due to uptick in wage inflation. Any close above 19100 will take the index to 19500.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 97.50% 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- $67000. Any break below will take it to the next level at $65000/$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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