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BTCUSD lost its shine on weak market sentiment. It hit a low of $53091 at the time of writing and is currently trading at around $54235.
The increasing US unemployment data and weak US ISM manufacturing have increased the recession fears.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 81.50% from 11.50% a week ago.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ lost its shine on recession fears. Any close below 17800 will take the index to 17000.
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- $51800. Any break below will take it to the next level at $50000/$46000.
Bull case-
Primary supply zone -$57000. Any break above confirms a bullish continuation. A jump to $60000/$63000/$65000/$70000 is possible.
Secondary barrier- $70000. A close above that barrier targets $750000/$80000.
It is good to buy on dips around $51800-900 with SL around $48000 for TP of $63000/$67000.
