FxWirePro- BTCUSD Daily Outlook

BTCUSD declined more than $7000 from a minor top of $71754 due to profit booking. It hit a low of $64545 and is currently trading around $66094.

Cathie Wood's ARK 21 Shares Bitcoin ETF has seen first highest daily outflows of more than $87 million compared to Grayscale BTC ETF.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared more than 2.5% of its gains as the chance of a rate cut in June diminished. Any close below 18000 will take the index to 17700/17300.

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- $64500.  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.