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.
