FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor decline despite weak US CPI data. It hit a high of $59516  and is currently trading around $57242.

According to Coinglass data, BTC ETF has seen inflows for the fourth consecutive day after massive outflows in the past month.

In July Bitcoin wallets holding 10 BTC increased to more than 261 confirming the bullish trend in Bitcoin.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ pared some of its gains on major tech company's sell-off. 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 86.40% from 68.40% a week ago.

 Technicals-

BTCUSD trades below 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 -$60000.  Any break above confirms a bullish continuation. A jump to $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.