FxWirePro- BTCUSD Daily Outlook

BTCUSD  showed a minor sell-off after Fed hawkish rate pause. It hit a low of  $66983  yesterday  and is currently trading around $67691.

According to Cryptoquant , whale addresses accumulated more than 20K BTC in the past 24 hours. This indicates bullishness, a jump to $72000 is possible.

The Producer Price Index in the US rose 2.2% YoY in May, below estimate of 2.5%. the number of people who have filed for unemployment benefits rose by 13000 to 242k in the week ending June 8th , above expectations of 242K.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high on rate cut hopes .  Any close above 19600 will take the index to 20000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep  increased to 56.70% from 46.80% a day 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- $66500.  Any break below will take it to the next level at  $65000/$63000/$60000/$56000/$50000.

 Bull case-

Primary supply zone -$70000.  Any break above confirms a bullish continuation. A jump to $75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $100000.

 It is good to buy on dips around $65000 with SL around $63000 for TP of $75000.