FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor recovery after a dovish rate pause by the Fed. The central kept its rates unchanged at 5..25%-5.50% as expected. The Fed dot plot shows that there will be a 75 bpbs rate cut this year. It hit a high of $68168 and is currently trading around $67130.

According to Farside investors data, BTC ETF total outflows surged to $326 million on Mar 19th, double that of the previous day.

 Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits an all-time high after dovish Fed policy. Any close above 18500 will take the index to 19000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June increased to 67.4% from 55.6% a day ago.

 Technicals-

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

Minor support- $64500.  Any break below will take it to the next level at $63000/$61800/$60000.

 Bull case-

Primary supply zone -$69000.  Any break above confirms a bullish continuation. A jump to 2,000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000.

 It is good to buy on dips around $63000 with SL around $59000 for TP of $75000.