FxWirePro- BTCUSD Daily Outlook

Potential reversal zone- $52530.

BTCUSD trades higher due to upbeat market sentiment. It hit a high of $64949 at the time of writing and is currently trading at around $64849.

Long liquidation-

On October 10, 2024, long liquidations for Bitcoin reached approximately $290 million, marking the highest level since 2022

BTC ETF

BTCETF saw inflows of $253.6 M on Oct 11th yesterday led by Fidelity wise Orgin Bitcoin Fund with $117.1 million inflows, According to SoSOValue.

US markets -

NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher despite mixed US economic data. Any close above 20300 will take the index to 20500.

Technicals-

BTCUSD trades below the short-term moving average 34- EMA and 55 EMA and the above 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/$55000/$52500/$50000/$46000.

Bull case-

Primary supply zone -$65000. Any break above confirms an intraday bullishness. A jump to $67000/$70000 is possible.

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

Indicator (4-hour chart)

CCI (50)- Neutral

Average directional movement Index - neutral

It is good to buy on dips around $60000 with SL around $57000 for TP of $70000.

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