BTCUSD showed a minor sell-off after Fed Chairman Powell's speech. It hit a low of $65100 and is currently trading around $66284.
Fed Chairman Powell said that don't expect early rate cut until inflation cools down.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered slightly after the weak US services PMI. 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 61.80% from 56.80% 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.
