FxWirePro- BTCUSD Daily Outlook

BTCUSD trades higher on upbeat market sentiment.It hit a high of $66129  and is currently trading at around $64668.

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

Bitcoin ETF saw inflows of $422.50 billion on Tuesday, the highest since June 6th 2024. MVRV Z-Score stands at 0.05 which shows a temporary bottom has been formed.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ gained slightly after robust tech 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 91.6% from 69.70% 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.