FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains on strong US jobs data on Friday. It hit a low of $66696 at the tume of writing and is currently trading around $66949.

BTC inflows hit record inflows of $2 billion in first week of June, according to coinshares. Markets eye US CPI and Fed monetary policy for further movement.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high ahead of US Fed monetary policy. 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 99.4% from 98.50% a week ago.

Technicals-

BTCUSD trades below the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $66500. 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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