FxWirePro- BTCUSD Daily Outlook

BTCUSD jumped more than $2500 in the past two days on upbeat market sentiment. It hit a high of $63794 and is currently trading around $62778.

According to CryptoQuant data, BTC miners selling pressure was reduced to 1849 BTC on Monday from the previous week's average daily rate of 8592.

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared some of its gains despite weak US PCE. 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 57% a week ago.

Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and below the long-term moving average (200 EMA) on 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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