BTCUSD lost its shine on weak market sentiment. It hit a low of $58090 and is currently trading at around $60101.
The BTC ETF saw an outflow of $127 million for first time in 8 days. Ark investment saw the biggest outflow of $102 million.
A whale was liquidated for $12.67M on an ETH/BTC long position. Another whale was liquidated for $12.6M on a BTC long position. (Source- Lookonchain)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 65.50% from 68% a week ago.
US markets -
NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades flat ahead of Nvidia earnings. Any close above 20000 will take the the index to 20500.
Technicals-
BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.
Minor support- $60000. Any break below will take it to the next level at $57000/$54500/$53000/$50000/$46000.
Bull case-
Primary supply zone -$65000. Any break above confirms a bullish continuation. A jump to $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 $67000.
