FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor sell-off after the strong US PCE. It hit a low of $62785 at the time of writing and is currently trading around $63319.

The US Securities and Exchange Commission (SEC) delayed its decision on proposals to allow options trading on spot BTC ETF.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ gained momentum after upbeat earnings from Alphabet and Microsoft. Any close above 18000 will take the index to 18500/18700.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 83.10% from 81.80% 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- $60000. Any break below will take it to the next level at $55990/$51825.

Bull case-

Primary supply zone -$67500. Any break above confirms a bullish continuation. A jump to $70000/$73500 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.