FxWirePro- BTCUSD Daily Outlook

BTCUSD holds above $60000 as whales accumulate, good to buy on dips

BTCUSD surged sharply on rate cut hopes. It hit a high of $63259  and is currently trading around $62594.

Bitcoin whales have accumulated  71000 BTC this week, the highest since Apr 2023.

Bitcoin ETF have seen inflows of $1.047 billion last week. BTC Coin base and Binance premium increase shows that bullish trend.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ pared some of its gains as investors await 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 88.10% from 72.2% 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- $57000.  Any break below will take it to the next level at $55000/$53000/$51825/$50000/$47000.

 Bull case-

Primary supply zone -$63000.  Any break above confirms a bullish continuation. A jump to $65000/$70000 is possible.      

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

 It is good to buy on dips around $60000 with SL around $57000 for TP of $75000.