BTCUSD is trading weak on diminishing rate-cut hopes. It hit a low of $66983 yesterday and is currently trading around $67691.
According to data from crypto intelligence tracker Glassnode shows that active addresses dropped to the lowest level in 2000 days. This confirms a minor bearish trend in Bitcoin.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high on easing US inflation. Any close above 19700 will take the index to 20000.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.10% from 46.60% a week ago.
Technicals-
BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.
Minor support- $66500. Any break below will take it to the next level at $65000/$63000/$60000/$56000/$50000.
Bull case-
Primary supply zone -$70000. Any break above confirms a bullish continuation. A jump to $75000 is possible.
Secondary barrier- $75000. A close above that barrier targets $100000.
It is good to buy on dips around $65000 with SL around $63000 for TP of $75000.
