FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor pullback ahead of the Fed chairman's testimony. It hit a high of $58200  and is currently trading around $57323.

German government transferred 1000 BTC on Monday and total equivalent to 13466 BTC since June 19th, 2024.

BTC exchange has seen an outflow of 68498 BTC highest since Nov 23, 2023.

 US markets -

 NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ hits a fresh all-time high ahead of major earnings. 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 73.6% from 59.80% 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.