FxWirePro- BTCUSD gains momentum on easing US CPI, buy on dips

BTCUSD  showed a minor pullback on dismal US inflatiom data. It hit a high of $69483  at the tume of writing   and is currently trading around $69179.

US Core CPI came at 0.20% in May below estimate of 0.30%.The annual core CPI rose 3.4% YoY below  the analyst estimate 3.5%.  Over the last 12 months, CPI increased 3.3% below forecast of 3.4%.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high on easing US CPI.  Any close above 19500 will take the index to 20000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep  decreased to 48.30% from 57.20% 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 $67000 with SL around $63000 for TP of $75000.