FxWirePro- BTCUSD Daily Outlook

BTCUSD  trades flat ahead of  US GDP data.It t hit a low of  $67096 yesterday  and is currently trading around $67638.

BlackRock’s ishares Bitcoin trust reached $20 billion in less than 137 days. A s of May 22 , whale accumulation rose by 5.5% compared to 4.2% by May 1st.

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades flat ahead of US economic data.  Any close above 19000 will take the index to 19200/19500.

Major economic data for the day -

US GDP and Initial jobless claims (12:30 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.20% from 98.50% 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- $65000.  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 $65000 with SL around $63000 for TP of $75000.