# -FxWirePro- BTCUSD Daily Outlook By Sheena Jordan Canonical URL: https://www.tokenpost.com/news/investing/12922 Published: 2024-09-05T01:45:21.000Z Updated: 2024-09-05T01:45:21.000Z Section: Investing > -BTCUSD declined sharply following the footsteps of the US stock market. It hit a low of $55602 and is currently trading at around $56483. -BTCUSD declined sharply following the footsteps of the US stock market. It hit a low of $55602 and is currently trading at around $56483. BTC showed a minor weakness after the US ISM manufacturing came below forecast raising US growth concerns. BTC ETF has seen an outflow of $287 million, the largest since May 1st led by Fidelity FBTC outflow of $162.3 million. According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 63% from 62% a week ago. US markets - NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ market tumbled sharply led by semiconductor companies. Any close below 17780 will drag the index to 18400. Technicals- BTCUSD trades below the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart. In the daily chart also BTC holds below the short and long-term moving averages. This confirms a minor weakness. Minor support- $54000. Any break below will take it to the next level at $53000/$50000/$46000. Bull case- Primary supply zone -$61200. Any break above confirms a bullish continuation. A jump to $61800/$63000/$65000/$67000/$70000 is possible. Secondary barrier- $70000. A close above that barrier targets $750000/$80000. Indicator (4-hour chart) CCI (14)- Bearish CCI (50)- Bearish Average directional movement Index - bearish It is good to sell on rallies around $59745-750 with SL around $56000 for TP of $50000. [TokenPost]() | info@tokenpost.com ## Links in this article - [TokenPost](https://www.tokenpost.com)