FxWirePro- BTCUSD Daily Outlook

BTCUSD  is consolidating in a narrow range after a massive buying. It hit a high of  $71759 at the time of writing   and is currently trading around $71054.

BTC ETF saw over $880 million inflows on Tuesday led by Fidelity , second largest since its launch in Jan 2024.

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits fresh all-time high  as Nvidia overtook Apple Any close above 19000 will take the index to 19500.

 According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.4% from 98.90% 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 $67000 with SL around $65000 for TP of $75000.