FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor sell-off due to profit booking. It hit a low of $66264 yesterday and is currently trading at around $66695.

According to data from Lookonchain, the US government transferred 58.74 BTC valued at $3.96 million. BTC Spot ETF has seen inflows of $530 million on Monday, the highest since June 5th, 2024.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared most of its gains on weak market sentiment. Any close below 19470 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 91.70% from 88.50% 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- $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 $63000 with SL around $60000 for TP of $75000.

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