FxWirePro- BTCUSD Daily Outlook

BTCUSD trading weak for the past three days after a minor pullback to $28452. The increase in the chance of one more 25 bpbs by the Fed puts pressure on crypto markets at higher levels. Markets eye the US House of Representatives vote on the US debt deal for further direction.BTC hits an intraday low of $26991 and currently trading around $27124.

 Significant economic data this week

Jun `1st 2023, ADP Non-Farm employment (12:15 pm GMT)

  US ISM manufacturing PMI (2:00 pm GMT)

Jun 2nd, 2023, Nonfarm payroll  (12:30 pm GMT)

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (positive correlation with BTC) - Bullish (positive for BTC). The index pared some of its gains after hitting a multi-month high. Any weekly close above 14600 will take the index to 15000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June increased to  63% from 36.40% a week ago.

 Technicals-

Major support- $25800.  Any break below will take it to the next level at $25000/$24300/$2000 is possible.

 Bull case-

Primary supply zone -$30000. The breach above confirms minor bullishness. A jump to the next level of $37000/$43200/$48500 is possible.      

  Secondary barrier- $52200. A close above that barrier targets $60000/$69000.

 It is good to buy on dips around $25000 with SL around $23000 for TP of $30000.