BTCUSD trades weak on profit booking. It hit a low of $63800 yesterday and is currently trading at around $64216.
According to Cryptoquant data, Bitcoin whales accumulated 3580000 BTC in July.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ dropped sharply led by semiconductor companies. Any close below 19000 will take the index to 18500
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 80.30% from 94% 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- $63000. Any break below will take it to the next level at $60000/$57000/$53000/$50000.
Bull case-
Primary supply zone -$70000. Any break above confirms a bullish continuation. A jump to $75000 is possible.
Secondary barrier- $75000. A close above that barrier targets $80000.
It is good to buy on dips around $63000 with SL around $60000 for TP of $75000.
