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BTCUSD showed a minor sell-off ahead of US Nonfarm payroll data. It hit a high of $69328 and is currently trading around $66639.
According to CryptoQuant data, over 90700 BTC have been withdrawn from major exchanges in the past month, reducing exchange reserves.
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, after hawkish comments from Fed speakers. Any close below 18000 will take the index to 17700/17300.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 65.4% from 55.20% a week 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.
