FxWirePro- BTCUSD Daily Outlook

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.