FxWirePro- BTCUSD Daily Outlook

BTCUSD surged sharply as shooting on Trump increased election victory. It hit a high of $64991  and is currently trading around $63191.

Presidential candidate Trump announced crypto supporter JD Vance as his running mate confirming Trump pro crypto stance.

Bitcoin ETF has seen inflows of $310 billion on Jul 12, the highest in five weeks.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ gained as the chance of Trump's re-election increased. 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 87.6% from 70.2% 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- $60000.  Any break below will take it to the next level at $57000/$55000/$53000/$51825/$50000/$47000.

 Bull case-

Primary supply zone -$65000.  Any break above confirms a bullish continuation. A jump to $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.