FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD holds above  $60000 in rate cut hopes. It hit a high of  $65 and is currently trading at around $61100.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 38.50% from 24% a week ago.

BTC ETF saw inflows of $252M on Aug 23rd, 2024. All 5 major US Bitcoin ETFs saw strong inflows of over $20M yesterday.

US markets -

 NASDAQ (negative correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ pared some of its gains despite the dovish Fed Chairman's speech. Any close above 20000 will take the drag the index to 19000.

 Technicals-

BTCUSD trades above the short-term moving average of 21 EMA 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 $54500-/$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 $57000 with SL around $55000 for TP of $63000/$67000.