FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains after forming a minor top around $65000. It hit a high of $65103 and is currently trading at around $62500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 71.50% from 71% a week ago.

BTC ETF saw an inflow of $202.51 million yesterday with Blackrock attracting $224 million.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades weak ahead of Nvidia earnings. Any close above 20000 will take the index to 20500.

Technicals-

BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $60000. Any break below will take it to the next level at $57000/$54500/$53000/$50000/$46000.

Bull case-

Primary supply zone -$65000. Any break above confirms a bullish continuation. A jump to $67000/$70000 is possible.

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

It is good to buy on dips around $60000 with SL around $57000 for TP of $67000.

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