BTCUSD trades positive on upbeat market sentiment. It hit a high of $58560 and is currently trading at around $58560.
According to Santiment, Bitcoin wallets holding less than 1 BTC are accumulating aggressively. The positive mood in BTC from crowd surges to a 1-year high.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 43% from 30% a week ago.
US markets -
NASDAQ (No correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades high on easing US CPI and PPI data. Any close above 20000 will take the index to 20500.
Technicals-
BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and below the long-term moving average (200 EMA) in the 4-hour chart.
In the daily chart, BTC holds below the short and long-term moving averages. This confirms minor weakness.
Minor support- $57000. Any break below will take it to the next level at $55000/$52500/$50000/$46000.
Bull case-
Primary supply zone -$58975. Any break above confirms an intraday bullishness. A jump to $60000/$61800/$63000/$65000/$67000/$70000 is possible.
Secondary barrier- $70000. A close above that barrier targets $750000/$80000.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around $55000 with SL around $52000 for TP of $67000.
