FxWirePro- BTCUSD Daily Outlook

BTCUSD holds above $65000 on upbeat market sentiment. It hit a high of $68486 yesterday and is currently trading at around $67662.

According to fairside investors, BTC ETF has seen inflows of $17 billion from the launch date of Jan 11th

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared most of its gains as SocGen warned of a tech sector bubble. Any close below 19500 will take the index to 19000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 94% from 91.90% a week 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- $63000. Any break below will take it to the next level at $60000/$57000/$53000/$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 $80000.

It is good to buy on dips around $60000 with SL around $57000 for TP of $75000.

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