FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains due to profit booking. It hit a high of $70016 yesterday and is currently trading at around $66799.

The U.S. Government has split the $2B Bitcoin into two addresses: 10,000 BTC ($669.35M): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek 19,800 BTC ($1.33B): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades flat ahead of major tech earnings such as Apple, Microsoft and Amazon for further movement. Any close below 18700 will take the index to 18500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 89.60% from 92.20% 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- $65000. Any break below will take it to the next level at $63000/$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 $67000 with SL around $65000 for TP of $75000.

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