FxWirePro- BTCUSD Daily Outlook

BTCUSD  pared some of the gains on profit-booking. It hit a low of $57681 yesterday and is currently trading at around $58327.

According to Ash Crypto, BTC large holders have accumulated  84000 BTC in July. On Aug 9th, 2024, BTC ETF saw outflows of $283 million with iShares alone seeing an inflow of $159.57 million.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 49.50% from 15% a week ago.

Markets eyes US CPI data on Wednesday for further direction.

  US markets -

 NASDAQ (negative correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades higher on rate cut hopes. Any close above 18600 will take the index to 19000.

Technicals-

BTCUSD trades below the short-term moving average of 21 EMA and below 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $54500.  Any break below will take it to the next level at $53000/$50000/$46000.

 Bull case-

Primary supply zone -$63000.  Any break above confirms a bullish continuation. A jump to $65000/$67000/$70000 is possible.      

  Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

 It is good to buy on dips around $55000 with SL around $52000 for TP of $63000/$67000.