FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor sell-off after Fed hawkish rate pause. It hit a low of $66983 yesterday and is currently trading around $67691.

According to Cryptoquant , whale addresses accumulated more than 20K BTC in the past 24 hours. This indicates bullishness, a jump to $72000 is possible.

The Producer Price Index in the US rose 2.2% YoY in May, below estimate of 2.5%. the number of people who have filed for unemployment benefits rose by 13000 to 242k in the week ending June 8th , above expectations of 242K.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high on rate cut hopes . Any close above 19600 will take the index to 20000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 56.70% from 46.80% a day 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- $66500. Any break below will take it to the next level at $65000/$63000/$60000/$56000/$50000.

Bull case-

Primary supply zone -$70000. Any break above confirms a bullish continuation. A jump to $75000 is possible.

Secondary barrier- $75000. 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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