FxWirePro- BTCUSD Daily Outlook

BTCUSD  trades higher on rate cut hopes. It hit a high of $71958 at the time of writing and is currently trading around $71066.

The inflows increased from last week’s $130 million to $932 million (619% increase ), according to coinshares.

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher on upbeat market sentiment.  Any close above 18800 will take the index to 19000.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 96.4% from 96.5% 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- $67000.  Any break below will take it to the next level at  $63000/$60000/$56000/$50000.

 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 $67000 with SL around $63000 for TP of $75000.