FxWirePro- BTCUSD Daily Outlook

BTCUSD holds above $60000 on institutional buying. It hit a high of $62729 yesterday and is currently trading at around $60679.

According to Arkham intelligence, major institutional investors like BlackRock, MicroStrategy, Grayscale and Fidelity holding their BTC despite the broader turmoil.

A large amount of nearly 404448 BTC has been transferred to a permanent address in the past 30 days indicating bullishness.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep decreased to 45.50% from 26% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ gained momentum as chip makers shine. Any close above 18500 will take the index to 19000.

Technicals-

BTCUSD trades above the short-term moving average 21 EMA and below 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 -$63000. Any break above confirms a bullish continuation. A jump to $65000/$67000/$70000 is possible.

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

It is good to buy on dips around $55000 with SL around $52000 for TP of $63000/$67000.

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