FxWirePro- BTCUSD Daily Outlook

BTCUSD  showed a minor sell-off after forming a minor top of around $63794. It hit a high of  $62346 and is currently trading around $62666.

According to Lookonchain data, BTC ETF saw significant outflows in the past few weeks of $270 million. Markets eye Fed chairman Powell's speech today for further direction.

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ gained slightly on rate cut hopes.  Any close above 20000 will take the index to 20500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 0% from 60.50% a week ago.

Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and below the long-term moving average (200 EMA) on the 4-hour chart.

Minor support- $58000  Any break below will take it to the next level at  $56000/$50000.

 Bull case-

Primary supply zone -$65000.  Any break above confirms a bullish continuation. A jump to $70000/$75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $100000.

 It is good to sell on rallies around $65000 with SL around $70000 for TP of $50000.