FxWirePro- BTCUSD Daily Outlook

BTCUSD trades weak on BTC ETF outflows. It hit a low of $64093 yesterday and is currently trading around $65123.

According to fairside Investors, the total BTC ETF outflows on June 18th, 2024 excluding iShares Bitcoin trust (IBIT) and Valkyrie Bitcoin fund is $152.4 million. Whales have accumulated 50000 BTC between June 7th and Jun 17th, 2024.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high on weak US retail sales. Any close above 20000 will take the index to 20500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.70% from 46.80% 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- $63000. Any break below will take it to the next level at $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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