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BTCUSD showed a minor pullback on soft US inflation. It hit a high of $69312 yesterday and is currently trading around $69050.
The decline in US PCE has increased the chance of rate cut by Fed in Sep
BTC ETF has seen net inflows for 14th consecutive days with total inflows of $48.74 million on May 31st 2024.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ took support near 55- day EMA and showed a nice pullback. Any close below 18200 will take the index to 18000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.9% from 99.10% 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.
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.
