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FxWirePro- BTCUSD Daily Outlook

Thu, 30 May 2024, 02:39 am UTC

BTCUSD trades flat ahead of US PCE data. It hit a low of $67193 at the time of writing and is currently trading around $67741.

Health Firm Selmer bought Bitcoin as a primary reserve asset for $40 million.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades flat ahead of US GDP. Any close above 19000 will take the index to 19200/19500.

Major economic data for the day -

US Richmond Manufacturing Index (2 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.10% from 96.50% 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- $65000. Any break below will take it to the next level at $63000/$60000/$56000/$50000.

Bull case-

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

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

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