FxWirePro- BTCUSD Daily Outlook

BTCUSD has been trading in a narrow range between $71958 and $66011 for the past three weeks. It hit a low of  $66983  yesterday and is currently trading around $67691.

The Crypto market showed a minor sell-off this week after a hawkish tilt in fed policy. The central bank's revised dot plot hints at a 25 bpbs rate cut this year. BTC ETF has witnessed an outflow of $226.20 million on June 13th.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ showed a minor profit booking despite a weak Producer Price Index (PPI).  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 59% from 55.40% 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- $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.