Potential reversal zone- $52530.
BTCUSD pared most of its gains on weak market sentiment. It hit a low of $59860 yesterday and is currently trading at around $60149.
BTC ETF
BTCETF saw outflows of $92M yesterday led by ARK 21 shares seen a withdrawal of -$60.3 million, According to Spot On Chain data.
According to Cryptoquant CEO, the new whales are stacking BTC aggressively; this market has never seen such accumulation.
US markets -
NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered after upbeat US ISM PMI services data. Any close above 20000 will take the index to 20500.
Technicals-
BTCUSD trades below the short-term moving average 34- EMA and 55 EMA and the above 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 $55000/$52500/$50000/$46000.
Bull case-
Primary supply zone -$63000. Any break above confirms an intraday bullishness. A jump to $70000 is possible.
Secondary barrier- $70000. A close above that barrier targets $750000/$80000.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index - Bearish
It is good to buy on dips around $60000 with SL around $57000 for TP of $70000.
