FxWirePro- BTCUSD Daily Outlook

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.