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BTCUSD lost more than $5000 from an all-time high of $71754. It hit a low of $65100 and is currently trading around $65210.
The jump in the US dollar index due to strong economic data puts pressure on BTC at higher levels. The Bitcoin halving events on Apr 20th also hurt BTC.
BTC whales and institutional investors bought 12000 $BTC on Coinbase and Karken after yesterday's sell-off.
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 as the chance rate cut in June diminished. 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 62.10% from 55.20% 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- $65000. Any break below will take it to the next level at $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 $60000 with SL around $57000 for TP of $75000.
