BTCUSD consolidating in a narrow range ahead of US CPI. It hit a high of $61600 and is currently trading at around $60885.
The annual headline inflation (CPI) is expected to remain steady at 3%, while core inflation is anticipated to decline to 3.2%. Softer inflation will push BTC prices to $65000.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 47.5% from 31% a week ago.
US markets -
NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ showed a minor pullback ahead of US CPI. Any close above 19090 will take the index to 19500.
Technicals-
BTCUSD trades above the short-term moving average of 21 EMA and 55 EMA and below 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.
