FxWirePro- BTCUSD Daily Outlook

BTCUSD is consolidating in a narrow range after a minor pullback. It hit a high of $71572 and is currently trading around $70286.

"Hong Kong is aiming for in-kind creation of the ETF, unlike the US, where the transaction is cash only — in the US, it's cash in, Bitcoin ETF out, while Hong Kong aims for Bitcoin in, ETF out. This could be an opportunity for the market."

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared some of its gains after weak US economic data. 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 % decreased to 58.30% from 63.70% 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- $67000.  Any break below will take it to the next level at $65000/$63000/$61800/$60000.

 Bull case-

Primary supply zone -$75000.  Any break above confirms a bullish continuation. A jump to $80000 is possible.      

  Secondary barrier- $80000. A close above that barrier targets $100000.

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