FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor pullback on rate cut hopes. It hit a low of $64050 and currently trades around $65123.

Bitcoin long-term whales sold around $1.2 billion in the past two weeks. BTC ETF outflows increased to $460M outflows in the same period.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ consolidated after hitting an all-time high. 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 57.90% from 59.6% a week ago.

Technicals-

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

Minor support- $63000. Any break below will take it to the next level at $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.

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