FxWirePro- BTCUSD Daily Outlook

BTCUSD has trading in a narrow range between $60760 and $68249 for the past five days. It hit a high of $67735 and is currently trading around $66888.

GBTC saw a $359 million outflow on  Thursday and a $643 million single-day outflow on Mar 18th, 2024.

 Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared most of its gains due to profit booking. Any close below 18390 will take the index to 18000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June % increased to 67.2% from 55.2% 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.