FxWirePro- BTCUSD Daily Outlook

BTCUSD is trading weak ahead of the BTC halving event. It hit a low of $61308 and is currently trading around $62725.

Halving count down

03      11         56

Days          Hours  minutes

Markets eye developments in Israel and Iran war for further movements.

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ lost its shine as geopolitical tension would defer the Fed rate cut. Any close below 17700 will take the index to 17300/17000.

According to the CME Fed watch tool, the probability of a no-rate cut in  June increased to 77% from  42.60% a week ago.

 Technicals-

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

Minor support- $60000.  Any break below will take it to the next level at $55990/$51825.

 Bull case-

Primary supply zone -$65300.  Any break above confirms a bullish continuation. A jump to $67000/$70000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000.

 It is good to buy on dips around $60000 with SL around $57000 for TP of $75000.