FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains after $8000 jump. It hit a high of $72756 and is currently trading around $70863.

The recent price jump of more than $3000 this year was due to the Bitcoin halving event (Apr 20th, 2024).

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ is trading flat ahead of the US CPI and FOMC meeting minutes. 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 51.3% from  61.5% a week ago.

 Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $69000.  Any break below will take it to the next level at $68300/$67000/$64500/$6300.

 Bull case-

Primary supply zone -$73500.  Any break above confirms a bullish continuation. A jump to $75000/$80000 is possible.      

  Secondary barrier- $80000. A close above that barrier targets $100000.

 It is good to buy on dips around $65000 with SL around $61800 for TP of $75000.