FxWirePro- BTCUSD Daily Outlook

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According to CryptoQuant data, over 90700 BTC have been withdrawn from major exchanges in the past month, reducing exchange reserves.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.