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.

Rumour that Morgan Stanley will approve BTC ETF on their platform in the next two weeks. According to SEC filings, Morgan Stanley files to buy BTC ETFs with 12 funds.

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 ahead of the US GDP data. Any close above 18700 will take the index to 19000.

According to the CME Fed watch tool, the probability of a no-rate cut in  June % increased to 36% from 29.8% 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.