FxWirePro- BTCUSD Daily Outlook

BTCUSD lot its shine on BTC ETF outflows.It hit a low of $58456 and is currently trading around $61154.

According to Coinglass, BTC ETF saw an inflow of $31 million after one week of outflows totaling $1.13 billion.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered slightly as Nvidia rebounded 7%. 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 decreased to 59.50% from 61.7% 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- $58000 Any break below will take it to the next level at $56000/$50000.

Bull case-

Primary supply zone -$65000. Any break above confirms a bullish continuation. A jump to $70000/$75000 is possible.

Secondary barrier- $75000. A close above that barrier targets $100000.

It is good to sell on rallies around $65000 with SL around $70000 for TP of $50000.

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