FxWirePro- BTCUSD Daily Outlook

BTCUSD holds above $60000 ahead of the Jackson Hole Symposium. It hit a high of $61336 and is currently trading at around $61100.

US jobless claims increased slightly and S&P services PMI rose sharply showing that the US economy is resilient.

Markets anticipate a 25bpbs rate cut in Sep. According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 73.50% from 75% a week ago.

BTC ETF have outflows of $10.70 million excluding flow data of iShares Bitcoin ETF (IBIT).

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades flat ahead of the Jackson Hole symposium. Any close below 19300 will drag the index to 19000.

Technicals-

BTCUSD trades above the short-term moving average of 21 EMA and below 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $57000. Any break below will take it to the next level at $54500-/$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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