FxWirePro- BTCUSD Daily Outlook

BTCUSD spared some of its gains on risk aversion. It hit a high of $57737 yesterday and is currently trading at around $54725.

Morgan Stanley advisors, controlling $1.3T in wealth, can offer BTC ETFs to their clients starting today. Assuming that 0.01% of assets are interested is $13B more in assets coming into crypto.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 73.50% from 11.0% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ showed a minor pullback after the BOJ confirmed there would not be further rate hikes. Any close above 18500 will take the index to 19000.

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- $54500. Any break below will take it to the next level at $53000/$50000/$46000.

Bull case-

Primary supply zone -$58000. Any break above confirms a bullish continuation. A jump to $60000/$63000/$65000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

It is good to buy on dips around $51500 with SL around $49500 for TP of $60000/$63000.

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