FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains made after the US fed monetary policy. It hit a low of and is currently trading around $64843.

Grayscale outflows are greater than the slowing inflows from new bitcoin ETF issuers by the largest amount since launch. Net outflows from US issuers total US$749m so far this week, According to James Butterfil coinshares.

 Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a new all-time high on upbeat market sentiment. Any close above 18700 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 65.9% from 54.6% a week 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.