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FxWirePro- BTCUSD Daily Outlook

Thu, 11 Apr 2024, 09:54 am UTC

BTCUSD pared some of its gains ahead of BTC halving. It hit a low of $68215 and is currently trading around $68985.

Halving date- Apr 20th, 2024.

BTC's annual supply declined from 1.7% to 0.85%.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ is trading flat ahead of the US CPI and FOMC meeting minutes. Any close below 18000 will take the index to 17700/17300.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 46.2% from 55.2% a week ago.


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- $69000. Any break below will take it to the next level at $68300/$67000/$64500/$6300.

Bull case-

Primary supply zone -$73500. Any break above confirms a bullish continuation. A jump to $75000/$80000 is possible.

Secondary barrier- $80000. A close above that barrier targets $100000.

It is good to buy on dips around $65000 with SL around $61800 for TP of $75000.

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