FxWirePro- BTCUSD Daily Outlook

BTCUSD traded in a narrow range between $53550 and $58200 for the past week. It hit a high of $58200  yesterday and is currently trading around $55186.

According to Farside investors, spot BTC ETF inflows of $143 million on Jul 6th, 2024. Markets eye US Fed chairman Powell's speech today and CPI data this week for further direction.

 US markets -

 NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ hits a fresh all-time high on rate cut hopes. Any close above  20500 will take the index to 21000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 66.50% from 57.90% 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- $53000.  Any break below will take it to the next level at $51825/$50000/$47000.

 Bull case-

Primary supply zone -$57000.  Any break above confirms a bullish continuation. A jump to $60000/$63500/$65000/$70000 is possible.      

  Secondary barrier- $70000. A close above that barrier targets $75000/$80000.

 It is good to buy on dips around $55000 with SL around $50000 for TP of $75000.